Equities in the United States reached a new high, but treasuries extended losses, as traders braced for the start of a potentially tumultuous year and three rate hikes from the Federal Reserve.

The S&P 500 climbed 0.6%, following European equities to an all-time high, but trading activity remained weak with some countries still closed for holidays. The yield on the 10-year US Treasury note climbed 13 basis points to 1.64%, its worst start to a year since 2009, while the dollar surged.

Among notable stock changes, Tesla Inc. rose 14% as the manufacturer negotiated supply-chain difficulties to achieve record fourth-quarter deliveries. Apple Inc. increased in value, bringing its market capitalization to $3 trillion. In Hong Kong, property shares fell, while China Evergrande Group suspended trading.

In other developments, oil futures in New York traded at $76 per barrel after news that Libya's crude output is set to plummet to its lowest level in more than a year. Bitcoin sank to $45,900 as gold fell.