Tuba Sahin
16 March 2022•Update: 16 March 2022
ANKARA
US stocks opened on a high note on Wednesday, ahead of the Federal Reserve's interest rate decision with improved prospects of a diplomatic solution to the Russia-Ukraine war.
The Dow Jones industrial average rose 319.8 points, or 0.05%, to 33,864 at 9.32 a.m. EDT (1332GMT). The S&P 500 rose 42.3 points, or 0.99%, to 4,304.
The tech heavy Nasdaq jumped 179 points, or 1.38%, to 13,127.
US retail sales slightly increased 0.3% from a month ago to $658.1 billion in February, according to the Commerce Department. The consumer demand was lower due to the high inflation rate.
In a bid to tame the inflation, the Fed is expected to make a 25-basis point rate hike to start monetary tightening.
The VIX volatility index, known as the fear index, decreased 3.62% to 28.75 while the dollar index was down 0.44% to 98.63.
Precious metals continued their decline with gold falling 0.49% to $1,920 per ounce and silver losing 0.50% to $25.
Crude oil prices returned to positive on Wednesday after pulling back from last week's 14-year highs.
Global oil benchmark Brent crude was trading at $100.96 per barrel, up 1.05%, while the US benchmark West Texas Intermediate (WTI) was at $7.92 – a 1.53% loss.
