US stock markets end week with mixed figures

By Gokhan Ergocun

ISTANBUL (AA) - US stock markets ended Friday with slight gains for most major indexes, except the Nasdaq, as investors digested new inflation data after a massive technology selloff earlier in the week.

The Dow Jones Industrial Average increased slightly by 0.1%, or 48.95 points, to close at 49,500.93.

The Nasdaq dropped 0.22%, or 50.48 points, to 22,546.67, while the S&P 500 rose roughly by 0.05%, or 3.41 points, to 6,836.17.

The Volatility Index (VIX), also known as the "fear index," increased by 0.34% to 20.89 points.

Markets vacillated throughout the day as the US monthly inflation rate for January landed below expectations at 0.2%, while the annual rate was at 2.4%.

Core CPI, which excludes volatile energy and food prices, rose 0.3% month-on-month and 2.5% year-on-year in January; core inflation recorded its lowest level since March 2021 on an annual basis.

This week's better-than-expected employment and inflation reports provided some relief to investors, but concerns about AI technologies continued to weigh on the markets.

According to data released on Wednesday, non-farm employment in the US increased by 130,000 in January, exceeding expectations, while the unemployment rate fell from 4.4% to 4.3%.

Wall Street suffered heavy losses on Thursday due to a massive tech selloff as concerns grew over the potential downsides of the AI boom.

Thursday's decline saw the Dow Jones drop more than 660 points, creating a ripple effect across global markets.

Markets in the US will be closed on Monday for Presidents' Day.