US stocks looking down at midweek open

Crude prices rise more than 4%, fueling inflation fears

By Tuba Sahin

ANKARA (AA) - US stocks opened in negative territory Wednesday as crude oil prices jumped more than 4%, fueling inflation fears.

The Dow Jones industrial average was down 58.6 points, or 0.17%, to 34,748 at 9.30 a.m. EDT (1330GMT). The S&P 500 fell 23 points, or 0.51%, to 4,488.

The Nasdaq was off 124.7 points, or 0.88%, to 13,984.

The VIX volatility index, known as the fear index, increased 4.62% to 24.00. The dollar index fell 0.27% to 98.787.

Precious metals were on the rise with gold going up 0.57% to $1,932 per ounce and silver gaining 1.22% to $25.21.

Crude prices were up more than 4%.

Global oil benchmark Brent crude was trading at $120.37, up 4.23% at 9.30 a.m. EDT, while US benchmark West Texas Intermediate (WTI) was at $113.83 -- a 4.17% gain.

Kaynak:

This news has been read 166 times in total