US Stocks Open Mixed, Trying To Recover After Fed Announcement

Major indexes in the US stock market opened mixed Thursday, trying to recover from losses during the previous session when the Federal Reserve signaled it would raise interest rates in 2023.

The Dow Jones industrial average was down 49 points to 33,983 at 9.40 a.m. EDT (1340GMT). The S&P 500 was flat at 4,222. The Nasdaq added 11 to 14,051.

Precious metals lost 1% late Wednesday and continued to decline Thursday. Gold lost 1.4% to $1,786 per ounce and silver fell 2.7% to $26.27 at the time.

The sudden decline came after the Fed signaled that it could make two rate hikes of 0.25% each in 2023 to tame rising inflation.

Amid fear of higher interest rates, investors flocked to the dollar and Treasury notes, which rose substantially late Wednesday.

The dollar index was up 0.6% to 91.66 shortly after markets opened. The yield on the 10-year US Treasury, on the other hand, retreated by falling 0.9% to 1.555%.

Despite earlier gains, the VIX volatility index, also known as the fear index, declined 2.9% to 17.62. -