Economy

US stocks open higher, trying to recover from previous losses

Fed's 75 bp rate hike intensifies worries that aggressive tightening could push American economy into recession

Övünç Kutlu   | 17.06.2022
US stocks open higher, trying to recover from previous losses

ANKARA

The US stock market opened higher on Friday, trying to recover from previous day's losses after the Federal Reserve aggressive rate hike fueled investors' recession fears.

The Dow was up 72 points, or 0.24%, to 29,999 points at 9.37 a.m. EDT (1337GMT). The S&P 500 rose 18, or 0.5%, to 3,694 at the time.

The tech-heavy Nasdaq added 105 points, or 1%, to 10,751.

On Thursday, Dow Jones fell 2.42% and the S&P 500 lost 3.25%, while the Nasdaq plummeted 4.08%.

The Fed raising its benchmark interest rate by 75 basis points on Wednesday intensified investors' worries that the central bank's aggressive tightening could push American economy into recession.

The VIX volatility index, also known as the fear index, was down 3.5% to 31.81.

The dollar index rose 1% to 104.64 and the 10-year US Treasury yield added 2.2% to 3.233%.

Precious metals were down, with gold falling 0.6% to $1,845 and silver losing 0.9% to $21.75.

Crude prices were down over 2%. Global oil benchmark Brent crude was trading at $117.33 for a 2.1% loss, while US benchmark West Texas Intermediate (WTI) was at $114.70 -- a 2.4% decrease.

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