US stock market closes lower amid lingering fears over inflation, rate hikes

By Ovunc Kutlu

ANKARA (AA) - Major US stock indexes ended lower Tuesday amid ongoing fears over sharp interest rate hikes and inflation.

The Dow Jones Industrial Average slumped 809 points, or 2.38%, to 33,240. The S&P 500 fell 120 points, or 2.8%, to 4,175.

The tech-heavy Nasdaq tumbled 514 points, or 3.95%, to 12,490.

The yield on 10-year US Treasury notes rose 3.5% to 2.728%.

The VIX volatility index, known as the fear index, jumped 24% to 33.52. The dollar index lost 0.57% to 102.33.

Precious metals were mixed, with gold adding 0.4% to $1,905 but silver decreasing 0.5% to $23.51.

Crude oil prices were also mixed.

Global benchmark Brent crude was trading at $105.09 a barrel, down 0.04%, while US benchmark West Texas Intermediate (WTI) crude was at $101.71, a 3.2% gain.