Global stocks, US yields recoup some losses

Global stocks, US yields recoup some losses

WASHINGTON: US stocks were higher on Monday and global stocks advanced in choppy trade after hitting a four-week low earlier in the session, with investors still digesting last week's surprise hawkish shift by the US Federal Reserve. The US dollar retreated from Friday's 10-week high. Yields on 10-year Treasuries turned higher after sliding overnight to a four-month low of 1.354 percent. But the benchmark note was still trading well below its recent mid-point range of about 1.6 percent after traders reacted to Federal Reserve expectations for a rate hike. Shares of banks, energy firms and other companies that tend to be sensitive to the economy's fluctuations were higher, recovering some losses after have fallen sharply since the Fed's meeting on Wednesday, when the central bank caught investors off guard by anticipating two quarter-percentage-point rate increases in 2023. The Dow Jones Industrial Average rose 1.45 percent, the S&P 500 gained 1 percent and the Nasdaq Composite added 0.2 percent. "Bulls are attempting to regroup this morning after last Friday's plunge,“ Paul Hickey of Bespoke Investment Group said in a market note. Stocks in Asia took their cue from Wall Street's falls on Friday but European shares bucked the trend, with the