Major indices in the US stock market opened higher on Friday, trying to recover from previous day’s losses fueled by inflation climbing to new record high.
Consumer prices rose 7.5% year-on-year in January, marking the largest 12-month increase since February 1982, according to the Labor Department.
The consumer price index was above the market estimate of 7.3%, rising 7% in December.
Investors are worried that the Federal Reserve could turn more hawkish and make faster and higher rate hikes this year to tame record inflation.
On Thursday, the Dow Jones fell 526 points, or 1.47%, to close at 35,241. The S&P 500 was off 83 points, or 1.81%, to end at 4,504. The Nasdaq plummeted 304 points, or 2.1%, to 14,185.
The blue-chip Dow rose 56 points, or 0.16%, to 35,297 at 9.42 a.m. EDT. The S&P 500 was flat at 4,504. The Nasdaq, on the other hand, fell 18 points, or 0.13%, to 14,163.
The VIX volatility index was up 1.2% to 24.20 with expectations of a more hawkish Fed.
The dollar index rose 0.28% to 95.82 and the yield on 10-year US Treasury notes retreated 0.93% to 2.010%.
Precious metals were mixed with gold adding 0.22% to $1,830 per ounce, but silver declining 0.1% to $23.17.
Crude oil prices were on the rise once again. Brent crude was trading at $92.49 per barrel with a 1.2% gain, while US benchmark West Texas Intermediate was at $91.01 – up 1.3%.
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