US stocks close lower after inflation figures

ISTANBUL

Major stock exchanges in the US closed Wednesday lower after consumer inflation figures for March came in higher than estimates.

The Dow Jones was down 422 points, or 1.09%, to end the day at 38,461. The S&P 500 fell 49 points, or 0.95%, to 5,160.

The Nasdaq, meanwhile, lost 136 points, or 0.84%, to 16,170.

Consumer inflation in March rose 3.5% annually, and increased 0.4% monthly, both coming in above market expectations, according to figures released earlier by the Bureau of Labor Statistics.

Core CPI, which excludes volatile food and energy prices, climbed 0.4% monthly and 3.8% annually in March, also coming in above market estimates.

The VIX volatility index, also known as the fear index, jumped 5.7% to 15.84. The 10-year US Treasury yield rose 4.3% to 4.550%.

The US dollar index increased 1% to 105.17, while the euro declined 1% to $1.0743 against the greenback.

Precious metals showed losses, with gold trimming 0.9% to $2,331 per ounce and silver dropping 1.1% to $27.86.

Oil prices rose more than 1.2%, with global benchmark Brent crude rising to $90.56 per barrel and US benchmark West Texas intermediate crude increasing to $86.31.