US stocks close strong, ending 3-day losing streak

By Ovunc Kutlu

ANKARA (AA) - Major US stock indexes closed higher Tuesday, rebounding from the previous day's losses and ending a three-day losing streak.

The Dow Jones Industrial Average rose 560 points, or 1.6%, to close at 35,492. The blue-chip index fell 433 points, or 1.23%, on Monday.

The S&P 500 was up 81 points, or 1.78%, to 4,649 after declining 52 points, or 1.14%, during the previous session.

The Nasdaq jumped 360 points, or 2.4%, to 15,341 after the tech-heavy index fell 188 points, or 1.24%, on Monday.

The previous day's losses came due to rising cases of the omicron coronavirus variant creating worries for investors.

Amid omicron fears, the VIX volatility index rose 6.5% to 22.97 on Monday, but the fear index was down 8.2% to 20.99 at the closing bell on Tuesday.

The dollar index was down 0.08% to 96.48, while the yield on 10-year US Treasury notes rose 3.6% to 1.470%.

Precious metals were mixed, with gold losing 0.14% to $1,788 per ounce but silver increasing 1% to $22.49.

Although crude prices took a dive Monday with the omicron variant weakening the global oil demand outlook, they bounced back strongly on Tuesday. The price of Brent crude was trading at $74.20 per barrel with a 3.75% gain, while US benchmark West Texas Intermediate crude was at $71.47 -- a 4.2% increase.

After weeks of decline, the price of Bitcoin recovered 3.5% to $48,600, while some altcoins were up as much as 15%. The crypto market's total value was around $2.25 trillion with a 2.2% daily gain, according to data by digital asset price-tracking website CoinMarketCap.