Economy

US stocks start week higher amid waning recession concerns

Positive comments from US Treasury, Fed reflect positively on markets

Gokhan Ergocun   | 21.06.2022
US stocks start week higher amid waning recession concerns

ISTANBUL

Stock started a new week in positive territory after strong losses last week because of recession concerns in the US market.

The Dow was up 1.45%, to 30,323.12 points at 9.30 a.m. EDT (1330GMT). The S&P 500 rose 1.62%, to 3,734.50.

The tech-heavy Nasdaq added 1.63%, to 10,974.05.

Markets were closed Monday due to a federal holiday.

After the Fed raised its benchmark interest rate 75 basis points last Wednesday, recession concerns hit markets but positive comments were effective at the start of the new week.

James Bullard, the head of Fed St. Louis, said the central bank can increase interest rates in July but the US economy will not see a recession.

US Treasury Secretary Janet Yellen also said last weekend that the economy may slow down but a recession is not inevitable.

The VIX volatility index, also known as the fear index, was down 3.04% to 30.09.

The dollar index dropped 0.2% to 104.05 and the 10-year US Treasury yield added 1.7% to 3.294%.

Precious metals were up, with gold adding 0.02% to $1,841.05 and silver earning 0.21% to $21.8.

Global oil benchmark Brent crude was trading at $115 for a 0.76% increase, while US benchmark West Texas Intermediate (WTI) was at $109.92 -- a 1.7% increase.

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