Stocks Edge Up on Strong Consumer Confidence, Hopes of Less Aggressive Fed Rate Hikes
• Stocks drifted to a mostly higher close Tuesday following a strong consumer confidence report and hopes the Fed is done with aggressive rate hikes.
• Gains in tech stocks, retailers and other sectors helped offset declines as the S&P 500 edged up 0.1% and the Nasdaq rose 0.3%.
• Bond yields fell, with the 10-year Treasury yield dipping to 4.34% from 4.39% late Monday, signaling easing inflation.
• Investors are betting the Fed will keep rates steady at its December meeting and could start cutting rates by mid-2024.
• Consumer confidence remains strong heading into the holidays, supporting hopes of a "soft landing" for the economy as inflation cools.