US stocks continue rally to close with gains

By Ovunc Kutlu

ISTANBUL (AA) - US stock exchanges rose Wednesday to continue their gains from the previous session.

The Dow Jones Industrial Average was up 163 points, or 0.47%, to finish at 34,991.

The S&P 500 increased more than seven points, or 0.16%, to 4,502 after registering its best daily performance since April on Tuesday.

The Nasdaq rose nine points, or 0.07%, to 14,103 after the tech-heavy index soared 2.37% the previous day.

Producer inflation in the US showed a monthly decrease of 0.5% in October, recording the biggest decline since April 2020, according to Labor Department figures released earlier. On an annual basis, it saw a gain of 1.3% in October, slowing down from a 2.2% increase in September.

The VIX volatility index, also known as the fear index, rose 0.14% to 14.18. The 10-year US Treasury yield rose 2.2% to 4.543%.

The dollar index was up 0.34% to 104.41, while the euro shed 0.3% to $1.0846 against the greenback.

Precious metals were mixed, with gold trimming 0.2% to $1,959 an ounce but silver increasing 1.5% to $23.43.

Oil prices lost around 1.5%, with global benchmark Brent crude at $80.98 per barrel and US benchmark West Texas Intermediate crude at $76.63.