Stocks gain with bond yields, dollar up; economy, rates in focus
Live Mint* Dollar gains, with Treasury yields * Global stock index up, Wall St indexes close higher * Consumer confidence comes in light, capital goods rise By Sinéad Carew and Amanda Cooper NEW YORK/LONDON, - A global equity index rose on Monday with help from Wall Street, and U.S. Treasury yields climbed to an almost seven-month high while data showed a deterioration in U.S. consumer confidence and investors prepared for fewer Federal Reserve rate cuts in 2025. Earlier, the Conference Board said its U.S. consumer confidence index weakened in December to 104.7 versus economist expectations for an increase to 113.3 and November's upwardly revised 112.8 on concerns about future business conditions. Citing weak consumer confidence as a key negative for equities on Monday, Robert Phipps, a director at Per Stirling Capital Management, highlighted the 10-year Treasury yield's jump to its highest level since late May. Ahead of Tuesday's shorter trading day and Wednesday's market close for Christmas, Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder said investors still had last Wednesday's steep sell-off on their minds after the Fed clearly signalled for fewer rate cuts next year.