US stocks open higher after key inflation figures

By Ovunc Kutlu

ISTANBUL (AA) - Major US stock exchanges opened higher on Friday after the release of key inflation figures that are watched closely by the Federal Reserve.

The Dow Jones Industrial Average increased 39 points, or 0.1%, to 41,378 as of 9.52 a.m. EDT (1352GMT).

The S&P 500 rose 31 points, or 0.57% to 5,623. The Nasdaq Composite added 160 points, or 0.92%, to 17,677.

The Fed's preferred annual inflation indicator remained unchanged at 2.6% in July, according to Commerce Department figures released earlier. The figure came in slightly lower than market expectations of 2.7%.

The PCE price index, which includes food and energy prices, annually rose 2.5% in July, also coming lower than market expectations of 2.6%.

The VIX volatility index, referred to as the "fear index," fell 3.4% to 15.12. The 10-year US Treasury yield rose 0.24% to 3.869%.

The US dollar index increased 0.25% to 101.60, while the euro lost 0.03% against the dollar, trading at $1.1073.

Precious metals were in negative territory. Gold lost 0.22% to $2,515 per ounce and silver fell 0.5% to $29.27 per ounce.

Oil prices decreased more than 2%, with global benchmark Brent crude at $77.23 per barrel and US benchmark West Texas Intermediate at $74.06 per barrel.