US stocks close Friday higher but indexes post weekly losses

By Ovunc Kutlu

ANKARA (AA) - US stocks closed Friday higher with strong jobs figure, but major indexes posted weekly losses with fears of more rate hikes from the Federal Reserve.

The Dow Jones gained almost 402 points, or 1.26%, to close at 32,403. However, the blue-chip index lost 1.4% this week.

The S&P 500 added 50 points, or 1.36%, to end the day at 3,768, but it was down 1.4% for the week.

The Nasdaq increased 132 points, or 1.28%, to finish the session at 10,460. But, the tech-heavy index plummeted 5.7% this week.

US economy added 261,000 jobs in October, above the market estimate of a 200,000 gain, while job additions for September was revised up by 52,000 from 263,000 to 315,000, the Labor Department announced earlier.

On Wednesday, the Dow plummeted 505 points, or 1.55%, while the S&P 500 and the Nasdaq dove 2.5% and 3.36%, respectively, after Fed Chair Jerome Powell said there are “some ways to go” with rate hikes, the “ultimate level” of increases will be higher than previously expected and it is "very premature" to think about pausing rate hikes.

The VIX volatility index, also known as the fear index, was down 2.3% to 24.72. The 10-year US Treasury yield rose 1.24% to 4.175%.

The dollar index dove 1.9% to 110.78, but still hovering around its highest in 20 years, while the euro jumped 2.2% to $0.9963 against the greenback.

Precious metals were on the rise with gold adding 3.1% to $1,680 and silver soaring 7.3% to $20.88.

Oil prices were up around 4%. Global oil benchmark Brent crude was trading at $98.59 per barrel, while the US benchmark West Texas Intermediate was around $92.58.