US stocks flat after Fed chair's rate hike signal

By Ovunc Kutlu

ISTANBUL (AA) - US stocks were flat Wednesday, failing to recover from the previous session's losses when Federal Reserve Chair Jerome Powell said rate hikes are "likely to be higher" than previously expected.

The Dow was up 28 points, or 0.1%, to 32,885 at 9.58 a.m. EDT. The S&P 500 rose 16 points, or 0.6%, to 3,992.

The Nasdaq rose 17 points, or 0.15%, to 11,546 at the time.

"If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell said Tuesday at the US Senate committee.

The VIX volatility index, also known as the fear index, rose 0.15% to 19.62, while the 10-year US Treasury yield decreased 1.5% to 3.915%.

The dollar index fell 0.1% to 105.47, while the euro shed 0.1% to $1.0536 against the greenback.

Precious metals were in positive territory, with gold adding 0.2% to $1,817 per ounce and silver rising 0.3% to $20.13.

Oil prices were down around 1%, with global benchmark Brent crude at $82.58 per barrel and US benchmark West Texas Intermediate at $76.60.