By Chibuike Oguh and Alun John
NEW YORK/LONDON (Reuters) -A selloff in global bonds continued on Wednesday, pressuring Wall Street stocks and boosting the dollar as signs of continuing strength in the U.S. economy dimmed expectations for aggressive near-term interest rate cuts.
The benchmark rose as high as 4.73%, a peak since April 2024, building on Tuesday’s 7 basis point rise. It was last up 0.2 basis points to 4.687%.
On Wall Street, benchmark traded lower for much of the session but finished higher. The Dow also closed higher, while the Nasdaq ended lower. Stocks in healthcare, materials, consumer staples, real estate, and industrials drove gains. Communication services and energy were the biggest losers.
The selloff in bonds on Wednesday accelerated after a CNN report that U.S. President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs…
