US stocks open lower despite strong jobs report

By Ovunc Kutlu

ANKARA (AA) - Despite strong jobs report, major indices in the US stock market opened lower on Friday with worries over Russia’s war on Ukraine.

The Dow Jones industrial average fell 384 points, or 1.14%, to 33,412 at 9.40 a.m. EDT. The S&P 500 lost 47 points, or 1.09%, to 4,313.

The Nasdaq decreased 122 points, or 0.9%, to finish at 13,415.

US economy added 678,000 jobs in February, well above market estimate of 400,000, while the unemployment rate fell to 3.8%, the Department of Labor announced earlier.

However, Russia's taking control of Europe's largest nuclear power plant, Zaporizhzhia NPP, has caused worries for investors.

The VIX volatility index, known as the fear index, jumped 10.1% to 33.57. The dollar index increased 0.97% to 98.74.

The yield on 10-year US Treasury notes, on the other hand, lost 5.8% to 1.737%.

Precious metals were on the rise again, with gold adding 1.05% to $1,956 per ounce, and silver gaining 1.9% to $25.65.

Crude oil prices have continued to climb as they were hovering at their highest levels in more than a decade.

Brent crude was trading at $115.75 per barrel for a gain of 4.8% at the time. The US benchmark West Texas Intermediate (WTI) crude was at $113.70 a barrel with a gain of 5.6%.

On Thursday, Brent crude price soared to $119.78, marking its highest level since May 2, 2012. The price of WTI jumped to $116.50 – the highest since Sept. 2, 2008.