US stocks open higher to recover from previous losses

ANKARA

US stocks opened higher Wednesday to recover from the previous day's losses after President Joe Biden announced a ban on energy imports from Russia.

After climbing to their highest level in nearly 14 years, crude prices were sharply lower, losing more than 4%.

Global oil benchmark Brent crude was trading at $122.1, down 4.6% at 9.42 a.m. EDT, while US benchmark West Texas Intermediate (WTI) was at $118.4 a barrel, posting a 4.3% loss.

The Dow Jones industrial average was up 616 points, or 1.9%, to 33,249 at 9.47 a.m. EDT. The S&P 500 rose 81 points, or 1.93%, at 4,252.

The Nasdaq increased 306 points, or 2.4%, to 13,103.

The VIX volatility index, known as the fear index, plummeted 6.9% to 32.69. The dollar index lost 0.88% to 98.19.

The yield on 10-year US Treasury notes, on the other hand, rose 2.16% to 1.911%.

Precious metals also halted their increase seen in recent days. Gold fell 3.1% to $1,987 per ounce and silver lost 2% to $25.86.