S&P 500, Nasdaq close higher to end days-long slump

By Ovunc Kutlu

ISTANBUL (AA) - The S&P 500 and the Nasdaq closed higher Thursday as the two indices ended their slump that lasted for days due to worries over a steeper Federal Reserve rate hike.

The S&P 500 added 29.59 points, or 0.75%, to finish at 3,963.51, snapping a five-day losing streak.

The Nasdaq jumped 123.45 points, or 1.13%, to close at 11,082, as the tech-heavy index put an end to a four-day losing streak.

The Dow Jones Industrial Average rose 183.56 points, or 0.55%, to end the session at 33,781.48.

All three indexes have mostly posted major losses since last Friday, when job figures in November came in above estimates and fueled fears of a higher rate hike from the Fed.

The VIX volatility index, also known as the fear index, was down 1.9% at 22.24. The 10-year US Treasury yield increased 2.4% to 3.490%.

The dollar index lost 0.3% to 104.80, while the euro added 0.5% to $1.0556 against the greenback.

Precious metals were up, with gold adding 0.1% to $1,788 per ounce and silver rising 1.4% to $23.05.

Although oil prices gained around 2% earlier, they later reversed course and dove into negative territory. Global benchmark Brent crude was trading at $76.22 per barrel for a decrease of 1.2%, while US benchmark West Texas Intermediate crude was around $71.60, down 0.6%.