Bank stocks are staging a broad rally Monday as Treasury yields climb
Bank stocks enjoyed a broad rally Monday, supported by a jump in longer-term Treasury yields. The SPDR S&P Bank ETF KBE, +3.44% rose 3.0% and the SPDR Financial Select Sector ETF XLF, +1.66% advanced 1.5%, while the Dow Jones Industrial Average DJIA, +0.07% rose 7 points, or less than 0.1%. Among the more active bank shares, Bank of America Corp. BAC, +3.61% gained 3.3%, Citigroup Inc. C, +4.43% rose 4.4%, Wells Fargo & Co. WFC, +2.
87% advanced 2.5%, J.P. Morgan Chase & Co. JPM, +2.75% climbed 2.7%, KeyCorp KEY, +5.06% hiked up 4.1% and Regions Financial Corp. RF, +4.58% gained 4.1%. Meanwhile, the yield on the 10-year Treasury note TMUBMUSD10Y, +4.05% rose 6.1 basis points to 1.611%. A rise in longer-term yields can help boost bank profits, as it can widen the spread on what banks earn as they fund on longer-term assets, such as loans, with short-term liabilities.
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