US stocks open higher, trying to recover from worst week of 2023

By Ovunc Kutlu

ISTANBUL (AA) – US stocks opened higher Monday, trying to recover from the worst week of 2023.

The Dow Jones rose 277 points, or 0.84%, to 33,094 at 9.59 a.m. EDT (1459GMT). The blue-chip index posted its fourth consecutive weekly loss on Friday with a 3% fall.

The S&P 500 added 37 points, or 0.95%, to 4,007 after it closed Friday for a weekly loss of 2.7%. It had been the worst week for the index since Dec. 9.

The Nasdaq increased 133 points, or 1.17%, to 11,528. The tech-heavy index had a weekly decline of 3.3% last week.

The indexes plummeted on Friday after the US Federal Reserve's preferred inflation indicator disappointed investors, coming lower than market expectations.

The VIX volatility index, also known as the fear index, was down 4% at 20.79, while the 10-year US Treasury yield lost 1.3% to 3.898%.

The dollar index fell 0.4% to 104.82, while the euro added 0.5% to $1.0560 against the greenback.

Precious metals were in positive territory, with gold rising 0.4% to $1,818 per ounce and silver increasing 0.1% to $20.80.

Oil prices were down more than 1%, with global benchmark Brent crude at $81.98 per barrel and US benchmark West Texas Intermediate at $75.48.