US stocks close higher to partially recover from previous losses

By Ovunc Kutlu

ISTANBUL (AA) - US stocks closed Wednesday with gains, partially recovering from the previous day's major losses when inflation figures coming above expectations increased worries about the Federal Reserve's first interest rate cut this year.

The Dow Jones Industrial Average added 151 points, or 0.4%, to finish the day at 38,424. The blue-chip index dove 1.35% on Tuesday to post its worst daily performance since last March.

The S&P 500, meanwhile, was up 47 points, or 0.96%, to end the day at 5,000. The index fell 1.37% in the previous session.

The Nasdaq jumped 203 points, or 1.3%, to close at 15,859 after the tech-heavy index plummeted 1.8% the day before.

The major selloff on Tuesday was a result of US consumer inflation figures coming in higher than expectations, which ignited fears that the Federal Reserve's first rate cut this year could be delayed.

The VIX volatility index, also known as the fear index, retreated 9.3% to 14.37 after soaring 13.8% to 15.85 at Tuesday's close.

The 10-year US Treasury yield jumped 3.7% to 4.324% on Tuesday but was down 0.16% to 4.260% on Wednesday.

The dollar index decreased 0.26% to 104.69, while the euro rose 0.09% to $1.0733 against the greenback.

Precious metals were mixed, with gold adding 0.06% to $1,993 per ounce but silver flat at $22.37.

Oil prices were slightly down, with global benchmark Brent crude losing 0.07% to $81.45 per barrel and US benchmark West Texas Intermediate crude decreasing 0.04% to $76.53.