US stocks higher Wednesday as inflation cools down

ISTANBUL

US stock exchanges were higher on Wednesday as consumer inflation cooled down in June.

The Dow Jones was up 309 points, or 0.9%, to 34,570 at 9.59 a.m. EDT (1359GMT). The S&P 500 added 44 points, or 1%, to 4,484.

The Nasdaq increased 175 points, or 1.28%, to 13,936.

Annual consumer inflation in the US came in at 3% in June, easing sharply from 4% in May, the Labor Department announced earlier. The figure was the smallest 12-month increase since the period ending March 2021.

The VIX volatility index, also known as the fear index, plummeted 4.8% to 14.13. The 10-year US Treasury yield, meanwhile, lost 2.1% to 3.902%.

The dollar index fell 0.8% to 100.91, while the euro gained 0.8% to $1.1092 against the greenback.

Precious metals were on the rise, with gold adding 1.1% to $1,954 per ounce and silver soaring 3.3% to $23.90.

Oil prices were up more than 1%, with global benchmark Brent crude at $80.26 per barrel and US benchmark West Texas Intermediate at $75.88.