US stocks open higher before release of Fed minutes

By Ovunc Kutlu

ANKARA (AA) - American stocks opened in positive territory as the opening bell Wednesday before the release of minutes from the Federal Reserve's latest monetary policy meeting.

The blue-chip Dow increased 85 points, or 0.25%, to 34,183 at 9.36 a.m. EDT (1436GMT).

The S&P 500 added 5 points, or 0.13%, to 4,008, while the Nasdaq gained 23 points, or 0.21%, to 11,197.

The Fed increased its benchmark interest rate by 75 basis points for the fourth consecutive time on Nov. 2. Investors will look into the minutes about whether the Federal Open Market Committee (FOMC) officials were considering slowing the pace of rate hikes in coming meetings.

The VIX volatility index, also known as the fear index, rose 1.1% to 21.53. The 10-year US Treasury yield fell 0.8% to 3.726%.

The dollar index lost 0.36% to 106.83, still around its highest in 20 years, while the euro added 0.3% to $1.0333 against the greenback.

Precious metals were mixed, with gold falling 0.2% to $1,736 per ounce but silver rising 0.6% to $21.21.

Oil prices plummeted more than 3%. Global benchmark Brent crude was trading at $85.30 per barrel -- a loss of 3.4%. US benchmark West Texas Intermediate crude was around $78.12, down 3.5%.