US stock market opened higher Thursday as investors shook off fears after the Federal Reserve signaled last week that two rate hikes were coming in 2023.

The Dow Jones was up 280 points to 34,155 at 9.56 a.m. EDT (1356GMT). The blue-chip index marked its worst weekly decline since October last week.

The S&P 500 rose 23 points to 4,268 and the Nasdaq increased 100 points to 14,370 — both indexes reaching all-time highs.

After the Fed signaled last Wednesday it could raise its benchmark interest rate by 0.25% twice in 2023 against rising inflation, indexes suffered major losses as investors moved to the dollar.

The dollar index was down 0.1% to 91.72 shortly after the first bell. The VIX volatility index, also known as the fear index, was also down 4.5% to 15.59. The yield on the 10-year US Treasury fell 0.5% to 1.480%.

Precious metals showed signs of recovery as gold was up 0.3% to $1,783 per ounce and silver added 0.7% to $26.07.

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