Vertiv Introduces New Single-Phase Uninterruptible Power Supply for Distributed Information Technology (IT) Networks and Edge Computing Applications in Europe, Middle East, and Africa (EMEA)Read more Students from JA Zimbabwe Win 2023 De La Vega Global Entrepreneurship AwardRead more Top International Prospects to Travel to Salt Lake City for Seventh Annual Basketball Without Borders Global CampRead more Rise of the Robots as Saudi Arabia Underscores Global Data and Artificial Intelligence (AI) Aspirations with DeepFest Debut at LEAP23Read more Somalia: ‘I sold the last three goats, they were likely to die’Read more Merck Foundation and African First Ladies marking World Cancer Day 2023 through 110 scholarships of Oncology Fellowships in 25 countriesRead more Supporting women leaders and aspirants to unleash their potentialRead more Fake medicines kill almost 500,000 sub-Saharan Africans a year: United Nations Office on Drugs and Crime (UNODC) reportRead more Climate crisis and migration: Greta Thunberg supports International Organization for Migration (IOM) over ‘life and death’ issueRead more United Nations (UN) Convenes Lake Chad Countries, Amid Growing Regional CrisisRead more

Dow jumps over 500 points ahead of key inflation figure; Fed in focus

show caption
AFP Photo
Print Friendly and PDF

Dec 13, 2022 - 03:55 AM

ISTANBUL (AA) – The Dow Jones Industrial Average soared more than 500 points to close higher Monday, a day before the release of key inflation figures that are closely watched by the Federal Reserve.

The blue-chip index jumped 528.58 points, or 1.58%, to finish at 34,005.04. It lost 2.8% last week, recording its worst weekly performance since September.

The S&P 500 added 56.18 points, or 1.43%, to close at 3,990.56. The Nasdaq was up 139.12 points, or 1.26%, to end the session at 11,143.74.

US consumer price data for November will be released Tuesday before the market opening, which could impact the Fed’s decision to be announced after the bank’s two-day meeting concludes Wednesday.

The central bank has raised its benchmark interest rate by a total of 375 basis points, or 3.75%, since March to bring record inflation under control. Annual consumer inflation rose 7.7% in October, and the market expectation for November is to show a gain of 7.3% year-on-year.

The VIX volatility index, also known as the fear index, jumped 9.6% to 25.02. The 10-year US Treasury yield increased 1.2% to 3.611%.

The dollar index rose 0.2% to 105.01, while the euro added 0.1% to $1.0537 against the greenback.

Precious metals changed course to give up earlier gains. The price of gold fell 1% to $1,780 per ounce and silver lost 0.7% to $23.30.

Crude oil prices were up around 3%. Global benchmark Brent crude was trading at $78.29 per barrel for an increase of 2.9%. US benchmark West Texas Intermediate crude was around $73.45, up 3.4%.

LMBCNEWS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.