Markets rise as rally in US bonds is good news for bank stocks
Among the reasons Treasury yields are exerting so much pull on bank stocks: 10-year bonds are the benchmark for mortgage rates. Lots of homeowners have taken advantage of the situation and refinanced in recent months, boosting banks' revenue. But as soon as they start to rise, they'll bring mortgage rates up with them, ending the refinancing spree. That'll hurt borrowers and banks alike.
For more stocks making moves today, be sure to check out today's BloggingStocks' market wrap-up.