US stocks end lower as hopes for year-end rally fade over recession fears

By Ovunc Kutlu

ISTANBUL (AA) – US stocks ended lower Monday for a fourth straight session as investors held out little hope for an end-of-year rally amid mounting recession fears.

The blue-chip Dow Jones Industrial Average lost 162.92 points, or 0.49%, to finish at 32,757.54 points. The S&P 500 shed 34.70 points, or 0.90%, to 3,817.66.

The tech-heavy Nasdaq was off 159.38 points, or 1.49%, to close at 10,546.03.

The indexes closed lower Friday amid worries that the Federal Reserve's rate hikes could cause a recession in the US economy.

The VIX volatility index, also known as the fear index, fell 1.4% to 22.31. The 10-year US Treasury yield increased 3% to 3.588%.

The dollar index was flat at 104.70, while the euro rose 0.2% to $1.0604 against the greenback.

Precious metals were on the decline. The price of gold fell 0.3% to $1,787 per ounce and silver lost 1.2% to $22.95.

Crude oil prices meanwhile gained more than 1%. Global benchmark Brent crude was trading at $80.36 per barrel for an increase of 1.7%. US benchmark West Texas Intermediate crude was around $75.90 – up 1.9%