US stocks open higher after revised GDP figure

By Ovunc Kutlu

ISTANBUL (AA) – The US stock market opened higher on Thursday after the gross domestic product (GDP) figure for first quarter was revised up.

The Dow Jones rose 110 points, or 0.33%, to 33,962 at 9.40 a.m. EDT (1340GMT). The S&P 500 added eight points, or 0.19%, to 4,384.

The Nasdaq increased 18 points, or 0.13%, to 13,610 at the time.

US economic growth in the first quarter of 2023 was revised up to 2%, according to the Commerce Department's third and final reading released earlier.

While the second reading announced last month stood at 1.3%, the first reading released in April was 1.1%.

The VIX volatility index, also known as the fear index, rose 2.1% to 13.71. The 10-year US Treasury yield, meanwhile, jumped 3.3% to 3.833%.

The dollar index added 0.45% to 103.36, while the euro shed 0.44% to $1.0863 against the greenback.

Precious metals were in negative territory, with gold falling 0.7% to $1,894 per ounce and silver decreasing 1.8% to $22.29.

Oil prices were up around 0.5%, with global benchmark Brent crude at $74.59 per barrel and US benchmark West Texas Intermediate at $70.01.