US stocks close lower as concerns about hawkish Fed rise

By Aysu Bicer

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ANKARA (AA) - US stocks closed lower Thursday as investors eye whether the Fed will hike rates aggressively to curb rising inflation.

Many analysts expect inflation numbers will rise further amid the Russia-Ukraine war’s negative effects on the global economy.

The yield in the 10-year Treasury notes advanced 2.8% and the dollar rose with the possibility of the Fed's tightening monetary policy.

Though US consumer sentiment in April rebounded from its lowest level in the past decade that was recorded in March, according to a University of Michigan survey released Thursday.

The index of consumer sentiment increased 6.3 points to 65.7 in April, from 59.4 in March.

The Dow Jones industrial average was down 113 points, or 0.33%, to close at 34.451.

The S&P 500 lost 54 points, or 1.2%, to reach 4,392, while tech-heavy Nasdaq was off 292.51 points, or 2.3%, to 13,351.

The VIX volatility index, known as the fear index, was up 4% to 22.70

Gold fell 0.5% to $1,975.30 and silver was down almost 1% to $25.79.

Brent crude was up 2.45% to 111.5 and West Texas Intermediate rose 1.9% to $106.20.

The New York Stock Exchange will be closed Friday in observance of Good Friday.