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

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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%.

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