US stocks close lower, failing to recover from previous losses

By Ovunc Kutlu

ISTANBUL (AA) - US stocks closed lower Wednesday, failing to recover from previous days' losses when recession fears sent global markets into a freefall.

The Dow Jones Industrial Average was down 234 points, or 0.6%, to end the session at 38,763. The blue-chip index dove 2.6% on Monday and 1.51% on Friday before rising 1.27% on Tuesday.

The S&P 500 lost 40 points, or 0.77%, to 5,199 after plummeting 3% the previous session and 1.84% at the end of last week. The index added 1.76% on Tuesday.

The Nasdaq, meanwhile, fell 171 points, or 1.05%, to finish the day at 16,195. The tech-heavy index took a nosedive of 3.43% on Monday and 2.43% on Friday. It rose 1.77% on Tuesday.

The VIX volatility index, also known as the fear index, rose 0.5% to 27.85 after jumping 59% to 37.20 on Monday but falling 35% on Tuesday.

The 10-year US Treasury yield increased 1.5% to 3.942% after falling Monday to its lowest since July 2023.

The dollar index rose 0.22% to 103.19, while the euro added 0.02% to $1.0923 against the greenback.

Precious metals were in negative territory, with gold losing 0.28% to $2,383 per ounce and silver falling 1.3% to $26.60.

Oil prices were up around 1.5%, with global benchmark Brent crude at $78.52 per barrel and US benchmark West Texas Intermediate at $75.49.