US stocks end 5-week winning streak amid high inflation

By Ovunc Kutlu

ANKARA (AA) - Major US indices closed with gains on Friday, but their 5-week winning streak came to an end due to record high inflation.

The Dow Jones was up 179 points, or 0.5%, to 36,100 points. However, the blue-chip index lost 0.62% this week, according to data compiled by Anadolu Agency.

The S&P 500 rose 33 points, or 0.72%, to 4,682. This week, it decreased 0.31%.

The Nasdaq increased 156, or 1%, to 15,860. The tech-heavy index fell 0.69% for the week.

The consumer price index (CPI) rose 6.2% in October, the largest 12-month increase since November 1990, according to the Labor Department on Wednesday. Core CPI jumped 4.6% year-on-year, its largest 12-month rise since August 1991.

Despite seeing a daily high of 17.69 amid worries of high inflation, the VIX volatility index was down to 16.29 for a daily loss of 7.7%.

The yield on 10-year US Treasury notes rose 0.76% to 1.570%, while the US dollar index was almost flat at 95.11.

Oil prices reversed course with, international benchmark Brent crude falling 0.9% to $82.14 per barrel. US benchmark West Texas Intermediate declined 1% to $80.86 a barrel.

Precious metals have continued to increase with gold rising 0.12% to $1,864 per ounce and silver gaining 0.2% to $25.3.

Despite climbing to an all-time high of $69.000 on Wednesday, Bitcoin was down 0.9% to $64,220 at the time.