US stock market recovers from 3-day losing streak

By Ovunc Kutlu

ANKARA (AA) - US stocks recovered Thursday from losses during the last three days, as volatility and Treasury yields declined.

The Dow Jones was up 530 points, or 1.6%, to 34,120 at 2.40 a.m. EDT (1840GMT) with IBM and JPMorgan soaring more than 2% each.

The S&P 500 increased 60, or 1.5%, to 4,123, while the Nasdaq added 120 to 13,156 as GameStop and AMC Entertainment soared 12% and 31%, respectively.

The indexes were down in the last three trading days after the World Health Organization said Monday it was reclassifying the triple-mutant coronavirus variant in India a concern, indicating it has become a global health threat, which caused worries among investors.

The VIX volatility index, however, was down a massive 16% to the 23.12 level, after the fear index rose 38% in the last three days. The yield on 10-year US Treasury bonds was also down 2.4% to 1.663%.

Investors' worries caused a major selloff in the crypto market in recent days.

Bitcoin fell more than 10% to as low as $46,600 earlier and other altcoins plummeted as much as 30%.

The decline in Bitcoin came after Tesla CEO Elon Musk said late Wednesday that the American electric carmaker suspended vehicle purchases using Bitcoin because of environmental concerns.