Shares of banks and other financial institutions rose as traders rotated into a sector that could benefit from elevated Treasury yields.
The pace of Treasury yield changes could be more critical for the stock market than the magnitude of moves, said one strategist.
Stocks are more likely to react if "the 30-year yield popped up rather quickly than if it moved subtly over time," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
