Economy

US stocks open higher despite downward revision in economic growth

Crude oil prices up more than 1%

Ovunc Kutlu   | 29.06.2022
US stocks open higher despite downward revision in economic growth FILE PHOTO

ANKARA

The US stock market opened higher Wednesday despite a downward revision to the American economy in the first quarter.

The Dow rose 157 points, or 0.51%, to 31,104 at 9.57 a.m. EDT (1357GMT). The S&P 500 added 6 points, or 0.16%, to 3,828.

The tech-heavy Nasdaq was up 11 points, or 0.1%, to 11,193.

The US' economic contraction has been revised to 1.6% for the first quarter, according to the Commerce Department’s third and final reading Wednesday. The second reading stood at a 1.5% contraction, while the first was minus 1.4%.

The VIX volatility index, also known as the fear index, was up 0.6% to 28.53.

The dollar index rose 0.4% to 104.93, but the 10-year US Treasury yield fell 1.3% to 3.164%.

Precious metals were slipped with gold losing 0.1% to $1,817 and silver falling 0.4% to $20.78.

Crude prices were up more than 1%. Global oil benchmark Brent crude was trading at $115.81 for a 1.8% gain, while US benchmark West Texas Intermediate (WTI) was at $113.61 -- up 1.6%.

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