US stocks close with losses after consumer inflation figures

By Ovunc Kutlu

ISTANBUL (AA) - US stocks closed with losses Thursday after annual consumer inflation figures in September showed gains.

The Dow Jones Industrial Average was down 173 points, or 0.51%, to end the day at 33,631, while the S&P 500 lost 27 points, or 0.62%, to 4,349.

The Nasdaq, meanwhile, decreased 85 points, or 0.63%, to 13,574.

Annual consumer inflation in the US was at 3.7% in September, slightly higher than estimates of 3.6%, according to Labor Department figures. Core CPI, which excludes volatile food and energy prices, annually rose 4.1% in September.

The strong figures suggest that the US Federal Reserve would continue monetary tightening, keeping interest rates higher and longer than previously expected.

The VIX volatility index, also known as the fear index, rose 3.7% to 16.69. The 10-year US Treasury yield added 2.2% to 4.698%.

The dollar index increased 0.71% to 106.57, while the euro was steady at $1.0530 against the greenback.

Precious metals were in negative territory, with gold losing 0.3% to $1,869 an ounce and silver declining 1% to $21.82.

Oil prices were almost unchanged for the day, with global benchmark Brent crude at $86.26 per barrel and US benchmark West Texas Intermediate crude at $83.50.