Economy

US stocks open higher, trying to climb out of bear market territory

10-year US Treasury yield falls 2.6%

Ovunc Kutlu   | 23.06.2022
US stocks open higher, trying to climb out of bear market territory

ANKARA

US stocks opened higher Thursday, trying to climb out of bear market territory after the Federal Reserve's aggressive rate hike fueled recession fears.

The Dow was up 194 points, or 0.64%, to 30,680 points at 9.44 a.m. EDT (1344GMT). The S&P 500 rose 18, or 0.5%, to 3,778.

The tech-heavy Nasdaq addes 23 points, or 0.2%, to 11,074.

The Fed raised its interest rate by 75 basis points last Wednesday and that fueled worries that the aggressive monetary tightening could push the US economy into a recession.

The VIX volatility index, also known as the fear index, was up 0.9% to 29.21.

The dollar index rose 0.2% to 104.41 but the 10-year US Treasury yield fell 2.6% to 3.074%.

Precious metals were mixed, with gold rising 0.14% to $1,840 and silver losing 0.1% to $21.37.

Crude prices were on the decline. Global oil benchmark Brent crude was trading at $111.50 for a 0.2% loss, while US benchmark West Texas Intermediate (WTI) was at $105.70 -- off 0.4%.

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