US stock market bounces back, recovering from omicron risk

By Ovunc Kutlu

ANKARA (AA) - US stocks opened higher Thursday, recovering from major losses in the previous session amid risks stemming from the first case of the omicron coronavirus variant in the country.

The Dow Jones industrial average was up almost 430 points, or 1.27%, to 34,442 at 9.50 a.m. The blue chip index lost 461 points Wednesday.

The S&P 500 rose 46 points, or 1%, to 4,559 after falling 54 points in the previous session.

The Nasdaq gained 28 points, or 0.2%, to 15,282, after the tech-heavy index was off 283 points at the last closing bell.

The US identified its first case of the omicron variant in the state of California on Wednesday, increasing worries for investors amid potential quarantine measures and a halt to economic recovery around the world.

Despite climbing above 30 on Wednesday for the first time since March, the VIX volatility index, known as the fear index, was down 9.8% to 28.08.

The dollar index fell 0.17% to 95.86, while the yield on 10-year US Treasury notes was up 0.6% to 1.443%.

Crude prices were down more than 1%. Brent crude fell to $68.18 per barrel, while US benchmark West Texas Intermediate crude was down to $64.94.

Precious metals were mixed with gold losing 0.9% to $1,765 an ounce but silver was up 0.1% to $22.34.