Major indexes in the US stock market opened higher Friday as easing inflation figures calmed worries of more rate hikes by the Federal Reserve. The Dow Jones added 176 points, or 0.54%, to 33,034 at 9.44 a.m. EDT. The S and P 500 rose 20 points, or 0.5% to 4,070 on last trading day of March. The Nasdaq increased 63 points, or 0.53%, to 12,076 on the final trading day of the first quarter of this year. Federal Reserve's preferred inflation indicator softened in February both annually and monthly, coming lower than market estimates, according to the Commerce Department figures released earlier. The core personal consumption expenditures (PCE) price index rose 4.6% annually in February, down from a 4.7% year-on-year gain in January. On a monthly basis, the index rose 0.3% in February, also softening from a 0.5% monthly gain in January. The easing inflation figures indicate that the Fed could soon pause its monetary tightening cycle and interest rate increases this year. The VIX volatility index, also known as the fear index, shed 0.8% to 18.87, and the 10-year US Treasury yield lost 1.1% to at 3.513%. The dollar index rose 0.2% to 102.33, while the euro fell 0.13% to $1.0886 against the greenback. Precious metals were mixed, with gold flat at $1,980 per ounce, but silver rising 0.6% to $24.06. Crude oil prices increased around 1.2%, with global benchmark Brent crude at $79.37 per barrel and US benchmark West Texas Intermediate at $75.31.
Source: Anadulo Agency