US stocks close mixed, failing to recover from previous losses

By Ovunc Kutlu

ANKARA (AA) - Major US indices closed mixed Thursday, failing to recover from losses in the previous session after consumer inflation climbed to its highest level in 31 years.

The Dow Jones plummeted 158 points, or 0.44%, to 35,921 after the blue-chip index fell 0.66% on Wednesday.

But the S&P 500 rose 2.5 points, or 0.06%, to 4,649, after falling 0.82% in the previous session.

The Nasdaq increased 81, or 0.52%, to 15,704. The tech-heavy index plummeted 1.66% the day before.

The steep decline Wednesday came after US Labor Department figures showed the consumer price index (CPI) rose 6.2% in October -- the largest 12-month increase since November 1990. Core CPI jumped 4.6% year-on-year, its largest 12-month rise since August 1991.

Amid worries of high inflation, the VIX volatility index climbed to 18.73, but the fear index was down 5.7% to 17.66 at closing.

The yield on 10-year US Treasury notes was flat at 1.570%, while the US dollar index increased 0.35% to 95.18.

Oil prices were steady with international benchmark Brent crude trading at $82.58, and US benchmark West Texas Intermediate at $81.17.

Investors continued to rush to precious metals to protect themselves from high inflation. Gold rose an additional 0.7% to $1,862 per ounce and silver increased 2.4% to $25.24.