US stocks open higher after GDP revised up

By Ovunc Kutlu

ISTANBUL (AA) - Major US stock exchanges opened higher on Thursday as the gross domestic product (GDP) figure for the second quarter was revised up.

The Dow Jones Industrial Average increased 80 points, or 0.19%, to 41,171 as of 9.39 a.m. EDT (1339GMT).

The S&P 500 rose 20 points, or 0.16% to 5,612. The Nasdaq Composite added 135 points, or 0.77%, to 17,691.

US economy expanded 3% in the second quarter of 2024, according to the Commerce Department's second reading released earlier. The figure was revised up from the initial reading of 2.8% made last month.

The upward revision shows the resilience of American economy despite the US Federal Reserve keeping its benchmark interest rate at 23-year-high. The central bank prepares for its first rate cut in more than four years next month.

The VIX volatility index, referred to as the "fear index," dove 9.1% to 15.56. The 10-year US Treasury yield rose 0.8% to 3.871%.

The US dollar index increased 0.3% to 101.40, while the euro lost 0.4% against the dollar, trading at $1.1074.

Precious metals were in positive territory. Gold added 0.4% to $2,514 per ounce and silver rose 0.5% to $29.29 per ounce.

Oil prices increased around 2%, with global benchmark Brent crude at $78.92 per barrel and US benchmark West Texas Intermediate at $76.16 per barrel.