Financial stocks were broadly higher in afternoon trade Tuesday, boosted by a sharp bounce in Treasury yields. The SPDR Financial Select Sector ETF XLF, +2.60% rallied 2.3%, with 65 of 67 equity components trading higher, to outperform the S&P 500 SPX, +2.00% which gained 1.7%. The biggest gainer was Charles Schwab Corp.'s stock SCHW, +5.28% which surged 5.2%. Among other more-active components, shares of Bank of America Corp. BAC, +4.50% climbed 4.3%, Citigroup Inc.
C, +4.97% rallied 4.6%, Wells Fargo & Co. WFC, +2.63% rose 2.5%, J.P. Morgan Chase & Co. JPM, +2.98% gained 2.7% and Regions Financial Corp. RF, +2.36% advanced 1.9%. The yield on the 10-year Treasury note jumped 4.5 basis points to 2.126%, after closing Monday at a near 2-year low. Banks often benefit from a rise in longer-term interest rates, as it allows them to earn more spread between what they make on their longer-term assets, like loans, and the shorter-term liabilities.
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