US stocks open higher after rally in previous session

By Tuba Sahin

ANKARA (AA) - Major indices in the US stock market opened higher Tuesday, continuing the previous session’s rally with investors' optimism following weaker than expected US manufacturing data.

Investors expect a slowdown in the Federal Reserve's rate hikes after the Institute for Supply Management reported Monday that the US manufacturing PMI unexpectedly fell to 50.9 in September, the lowest since May 2020.

The Dow Jones was up 335.8 points, or 1.14%, to 29,826.7 at 9.30 am EDT. The S&P 500 rose 57.6 points, or 1.57%, to 3,736.

The tech-heavy Nasdaq jumped 234.2 points, or 2.17%, to 11,049.7.

The VIX volatility index, also known as the fear index, fell 3.06% to 29.18. The 10-year US Treasury yield, meanwhile, fell 1.42% to 3.599%.

The dollar index decreased 0.66% to 110.92.

Precious metals were on the rise, with gold adding 0.89% to $1,717 and silver rising 1.96% to $20.99.

Oil prices were up more than 2.7%. Global oil benchmark Brent crude was trading at $91.31 a barrel and the US benchmark West Texas Intermediate (WTI) was around $85.91.