US stocks higher Wednesday as inflation cools down

By Ovunc Kutlu

ISTANBUL (AA) - US stock exchanges were higher on Wednesday as consumer inflation cooled down in June.

The Dow Jones was up 309 points, or 0.9%, to 34,570 at 9.59 a.m. EDT (1359GMT). The S&P 500 added 44 points, or 1%, to 4,484.

The Nasdaq increased 175 points, or 1.28%, to 13,936.

Annual consumer inflation in the US came in at 3% in June, easing sharply from 4% in May, the Labor Department announced earlier. The figure was the smallest 12-month increase since the period ending March 2021.

The VIX volatility index, also known as the fear index, plummeted 4.8% to 14.13. The 10-year US Treasury yield, meanwhile, lost 2.1% to 3.902%.

The dollar index fell 0.8% to 100.91, while the euro gained 0.8% to $1.1092 against the greenback.

Precious metals were on the rise, with gold adding 1.1% to $1,954 per ounce and silver soaring 3.3% to $23.90.

Oil prices were up more than 1%, with global benchmark Brent crude at $80.26 per barrel and US benchmark West Texas Intermediate at $75.88.