US stocks open higher, trying to recover from weeks long losing streak

By Ovunc Kutlu

ANKARA (AA) - US stocks opened with gains on Wednesday, trying to recover from a three-week losing streak.

The Dow Jones was up 75 points, or 0.24%, to 31,220 at 9.40 am EDT. The S&P 500 rose 14 points, or 0.37%, to 3,922.

The tech-heavy Nasdaq increased 78 points, or 0.68%, to 11,623.

The Federal Reserve officials have recently said more rate hikes are possible in the coming weeks to tame record-high inflation, which could harm the US economy that now faces recession.

The VIX volatility index, also known as the fear index, fell 2% to 26.36. The 10-year US Treasury yield declined 1.3% to 3.296%.

While the dollar index increased 0.3% to 110.51, the euro was up 0.1% to $0.9913 against the dollar.

Precious metals were mixed, with gold declining 0.05% to $1,700 and silver rising 0.84% to $18.16.

Oil prices plummeted more than 3%. Global oil benchmark Brent crude was trading at $89.61 a barrel for a 3.5% loss, and the US benchmark West Texas Intermediate (WTI) was around $83.57 – a 3.8% decrease.