US stock market higher despite slowdown in economic growth

By Ovunc Kutlu

ISTANBUL (AA) - Major indexes in the US stock market were higher Thursday despite the slowdown in American economic growth.

The Dow Jones was up 109 points, or 0.33%, to 32,826 at 10.28 a.m. EDT. The S&P 500 rose 25 points, or 0.63% to 4,053.

The Nasdaq soared 108 points, or 0.91%, to 12,034. The tech-heavy index continues its rally after it jumped Wednesday to close the session with a 210 points, or 1.79%, gain.

Investors have been optimistic in the markets although the US economic growth for the fourth quarter of 2022 was revised downward to 2.6%.

The first reading for the figure on Jan. 26 was 2.9%, while the second on Feb. 23 was revised down to 2.7%, according to the Commerce Department figures.

Overall, real GDP gained 2.1% in 2022, significantly down from an expansion of 5.9% in 2021, it said earlier.

The VIX volatility index, also known as the fear index, rose 0.8% to 19.27, and the 10-year US Treasury yield added 0.1% to 3.570%.

The dollar index fell 0.47% to 102.16, while the euro added 0.66% to $1.0915 against the greenback.

Precious metals were on the rise, with gold increasing 0.3% to $1,970 per ounce and silver gaining 1% to $23.57.

Crude oil prices were in positive territory, with global benchmark Brent crude at $77.97 per barrel and US benchmark West Texas Intermediate at $73.63.