US stocks open higher, trying to recover from weekly losses

By Ovunc Kutlu

ANKARA (AA) - US stocks opened higher on Friday, trying to recover from this week's losses as investors shook off inflation data.

The Dow Jones rose 178 points, or 0.6%, to open at 30,217 at 9.45 a.m. The S&P 500 added 12 points, or 0.33%, to 3,682.

The Nasdaq increased 13 points, or 0.12%, to 10,661.

US annual consumer inflation came in at 8.2% in September, slightly easing from the 8.3% yearly gain in August, but higher than estimates of an 8.1% annual increase.

After raising interest rates by a total of 300 points since March to tame record inflation, the Fed is expected to make another rate hike of 75 basis points in November, followed by an additional increase of 50 basis points in December.

The VIX volatility index, also known as the fear index, was down 2% to 31.30. The 10-year US Treasury yield fell 1.8% to 3.881%.

The dollar index rose 0.1% to 112.44, still around its highest in 20 years, while the euro fell 0.04% to $0.9769 against the greenback.

Precious metals were on the decline, with gold shedding 0.6% to $1,655 and silver falling 1.1% to $18.68.

Oil prices were also in negative territory. Global oil benchmark Brent crude was trading at $92.94 per barrel for a 1.7% decrease. US benchmark West Texas Intermediate was around $87.41 – down 1.9%.