US stocks close lower as inflation at highest level in more than 40 years

By Ovunc Kutlu

ANKARA (AA) - American stock exchanges closed lower Thursday as US inflation climbed to its highest level in more than 40 years.

The Dow Jones industrial average fell 112 points, or 0.34%, to 33,174. The S&P 500 was down 18 points, or 0.43%, at 4,259.

The Nasdaq was off 125 points, or 0.95%, to 13,129.

Annual consumer inflation in the US rose 7.9% in February, the largest 12-month increase since January 1982, according to the Labor Department.

The VIX volatility index, known as the fear index, fell 6.8% to 30.23.

The yield on 10-year US Treasury notes, on the other hand, rose 2.1% to 1.990%. The dollar index added 0.61% to 98.57.

Precious metals were up, with gold adding 0.24% to $1,996 per ounce and silver rising 0.54% to $25.92.

Oil prices dipped after Russian President Vladimir Putin said Russia is fulfilling all obligations to supply energy resources to Europe and other regions of the world. He made the remarks at a meeting with government members, according to state-owned news agency Tass.

Brent crude was trading at $109 a barrel with a 1.9% loss, while US benchmark West Texas Intermediate was at $105.6 -- down 2.8%.