S&P, Nasdaq close lower after Fed chairman's comments

By Ovunc Kutlu

ISTANBUL (AA) - The S&P 500 and Nasdaq closed with losses Tuesday following comments by US Federal Reserve Chairman Jerome Powell.

The S&P 500 fell 10.41 points, or 0.21%, to end the day at 5,051.41. The Nasdaq lost 19.77 points, or 0.12%, to finish the session at 15,865.25.

The Dow Jones Industrial Average, on the other hand, rose 63.86 points, or 0.17%, to close the day at 37,798.97 after falling for six consecutive trading days, which was its longest losing streak since last June.

Powell said earlier that the central bank needs more time to gain confidence before starting to lower interest rates. Investors are worried that the Fed's first rate cut could be delayed as late as September this year.

The VIX volatility index, also known as the fear index, was down 4.32% to 18.40. The 10-year US Treasury yield rose 0.26% to 4.672%.

The US dollar index climbed 0.15% to 106.37, while the euro gained 0.08% to $1.0625 against the greenback.

Precious metals were in the green, with gold adding 0.1% to $2,385 per ounce and silver rising 0.3% to $28.18.

Oil prices were up 0.1%, with global benchmark Brent crude at $90.08 per barrel and US benchmark West Texas Intermediate at $85.44.