US stocks open higher, trying to end selloff streak

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened higher Thursday as two major indices are trying to put an end to a selloff streak caused by worries about a steeper Federal Reserve rate hike.

The S&P 500 added 10 points, or 0.28%, to 3,944 at 9.50 a.m. EDT after it lost 0.2% Wednesday to close lower for a fifth consecutive day.

The Nasdaq rose 26 points, or 0.25%, to 10,985. The tech-heavy index shed 0.5% during the previous session to end in the read for the fourth straight day.

The Dow increased 171 points, or 0.51%, to 33,769 after it rose 1.58 points the previous day.

All three indexes have mostly posted major losses since last Friday when job figures in November came in above estimates and fueled fears of a higher rate hike from the Fed.

The VIX volatility index, also known as the fear index, added 0.6% to 22.82. The 10-year US Treasury yield increased 2.9% to 3.506%.

The dollar index lost 0.05% to 105.05, while the euro added 0.33% to $1.0540 against the greenback.

Precious metals were up, with gold adding 0.3% to $1,791 per ounce and silver soaring 2% to $23.18.

Oil prices gained around 2%. Global benchmark Brent crude was trading at $78.20 per barrel for an increase of 1.3%, while US benchmark West Texas Intermediate crude was around $73.81, up 2.5%.