Stocks Pare Gains on Weak Bond Auction Despite Upbeat Data and Fed Remarks
• U.S. stocks pared gains after disappointing 7-year Treasury note auction sparked concerns about demand for bonds
• Wall Street indexes had ticked higher earlier following positive Fed comments and economic data
• Fed Governor Waller said October data showed moderation fitting for progress on inflation, warranting lower rates
• Consumer confidence rose for the first time in 4 months per Conference Board data
• Pinduoduo stock jumped after delivering earnings beat; Morgan Stanley slipped after downgrade