US stocks open higher before release of Fed minutes

By Ovunc Kutlu

ISTANBUL (AA) - Major US stocks opened Wednesday with gains before the release of the Federal Reserve's last monetary policy meeting's minutes.

The Dow Jones Industrial Average increased 49 points, or 0.12%, to 40,884 as of 9:45 a.m. EDT (1345GMT).

The S&P 500 added 16 points, or 0.3%, reaching 5,613. The Nasdaq Composite rose 62 points, or 0.35%, to 17,879.

The VIX volatility index, referred to as the "fear index," climbed 2.6% to 16.30. The 10-year US Treasury yield fell 0.3% to 3.808%.

The US dollar index was unchanged at 101.45, while the euro lost 0.13% against the dollar, trading at $1.1102.

Precious metals were in negative territory. Gold fell 0.5% to $2,502 per ounce and silver lost 0.25%, reaching $29.36 per ounce.

Oil prices rose around 0.5%, with global benchmark Brent crude at $77.58 per barrel and US benchmark West Texas Intermediate at $73.56 per barrel.

The Fed on July 31 kept its federal funds rate unchanged in the 5.25%-5.5% target range, as widely expected, which is the highest level in 23 years.

Fed Chair Jerome Powell said in a post-meeting press conference that rising confidence on inflation and solid labor market could put September rate cut on table for the central bank.