Dow Jones closes at lowest of year as US stocks dive over 1.6%

By Ovunc Kutlu

ANKARA (AA) - The Dow Jones closed Friday at its lowest level of 2022 as major indexes in the US stock market dove over 1.6% after the Federal Reserve's third straight 75 basis points of rate hike on Wednesday.

The blue-chip Dow lost 486 points, or 1.62%, to end the week at 29,590 -- its lowest closing level for this year.

The S&P 500 declined 64 points, or 1.72%, to finish at 2,693.

The tech-heavy Nasdaq plummeted 198 points, or 1.8%, to close at 11,867.

The VIX volatility index, also known as the fear index, jumped 9.4% to 29.92. The 10-year US Treasury yield fell 0.6% to 3.687%.

The dollar index rose 1.4% to 112.97, a new 20-year high; while the euro fell 1.45% $0.9693 against the greenback.

Precious metals were on the decline with gold falling 1.6% to $1,643, and silver plummeting 3.8% to $18.89.

Oil prices fell over 4% as strong dollar weakens global demand. Global oil benchmark Brent crude was trading at $86.54 a barrel for a 4.3% loss. US benchmark West Texas Intermediate was around $79.14– down 5.2%.