Economy

US stocks open lower despite economic growth, jobless decline

Dollar index surges 0.4%, yield on 10-year US Treasury notes rises 1.06%

Övünç Kutlu   | 24.11.2021
US stocks open lower despite economic growth, jobless decline FILE PHOTO

Ankara

By Ovunc Kutlu

ANKARA (AA) - Major indices in the US stock market opened lower on Wednesday despite US economic growth being revised up for the third quarter and initial jobless claims retreating to their lowest level since 1969.

The blue-chip Dow was down 102 points, or 0.29%, to 35,711 at 9.39 a.m. EDT, while the S&P 500 fell 22 points, or 0.47%, to 4,668.

The tech-heavy Nasdaq decreased 154 points, or 0.97%, to 15,621.

The steep decline in indices came although US economic growth was revised up to an annual rate of 2.1% for the third quarter, from its previous estimate of 2%, according to the Commerce Department earlier. However, it came below the market expectation of 2.2%.

The number of Americans filing first-time unemployment claims decreased by 71,000 to 199,000 last week, retreating below its pre-pandemic level, and marking its lowest level since 1969, the Department of Labor said earlier.

Despite positive figures, the VIX volatility index, known as the fear index, was up 6.2% to 20.58 at the time.

The dollar index surged 0.4% to 96.88, and the yield on 10-year US Treasury notes rose 1.06% to 1.683%.

Oil prices were slightly down with Brent crude falling 0.26% to $82.10 a barrel and the US benchmark West Texas Intermediate crude losing 0.06% to $78.47.

Precious metals were down with gold losing 0.3% to $1,793 an ounce and silver falling 0.54% to $23.53.

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