Dow, S&P post losses for 2nd straight week

By Ovunc Kutlu

ISTANBUL (AA) - US stocks closed lower Friday as the Dow and S&P posted losses for a second straight week because of worries that the Federal Reserve's rate hikes could cause a recession.

The blue-chip index plummeted 281 points, or 0.85%, to finish at 32,920. Last week, it recorded its worst week since September.

The S&P 500 lost 43 points, or 1.1%, to close at 3,852.

The Nasdaq was off 105 points, or 0.97%, to end the session at 10,705.

The VIX volatility index, also known as the fear index, fell 1.5% to 22.49. The 10-year US Treasury yield increased 1% to 3.484%.

The dollar index added 0.2% to 104.76, while the euro lost 0.03% to $1.0594 against the greenback.

Precious metals were on the rise. The price of gold rose 0.9% to $1,793 per ounce and silver added 0.6% to $23.23.

Crude oil prices were down more than 2%. Global benchmark Brent crude was trading at $79.07 per barrel for a decrease of 2.6%. US benchmark West Texas Intermediate crude was around $74.31 -- down 2.3%.