US stocks close lower after Fed minutes release

By Tuba Sahin

ANKARA (AA) - US stocks closed lower Wednesday after minutes of the Federal Reserve's last meeting were released and indicated the bank would continue to tighten its monetary policy until inflation eases significantly and weak earnings.

The central bank judged that slowing the pace of the policy rate would likely become appropriate at some point.

In its last meeting in July, the Fed hiked its benchmark interest rate by 75 basis points for a second straight month, the fastest pace of tightening in four decades.

The Dow was down 171.3 points, or 0.50% to close at 33,980. The S&P fell 30.9 points, or 0.72%, to 4,274.

The Nasdaq lost 164.4 points, or 1.25%, to finish at 12,938.

The VIX volatility index, also known as the fear index, rose 1.68% to 20.02.

The dollar index increased 0.14% to 106,532.

The 10-year US Treasury yield gained 2.51% to 2.895%.

Precious metals were down with gold falling 0.58% to $1,779 and silver losing 1.58% to $19.76.

Global oil benchmark Brent crude was trading at $93.19 per barrel, up 0.92%, while US benchmark West Texas Intermediate (WTI) was at $87.62 -- gaining 1.26%.