US stocks close higher despite record inflation

By Ovunc Kutlu

ANKARA (AA) - Major indices in the US stock market closed higher on Friday despite record high inflation.

The Dow Jones industrial average was up 216 points, or 0.6%, to 35,971.

The S&P 500 gained 44 points, or 0.95%, to post a record high closing of 4,712.

The Nasdaq increased 113 points, or 0.73%, to 15,630.

The VIX volatility index, known as the fear index, was down 13.1% to 18.76.

The dollar index was down 0.22% to 96.06, while the yield on 10-year US Treasury notes was at 1.487%.

Precious metals were up, with gold adding 0.4% to $1,782 per ounce and silver rising 0.95% to $22.17.

Crude prices increased around 1.4% with Brent crude trading at $75.41 per barrel and US benchmark West Texas Intermediate crude at $72.02.

US consumer prices rose 6.8% in November on an annual basis, as it marked the largest 12-month increase since June 1982, the US Labor Department reported earlier.