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Wall Street advances on earnings optimism, dovish rate rise remarks

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U.S. stocks ended higher as investors responded to positive earnings and dovish comments from Fed officials on interest rates

Bond yields continued their recent moves higher though. The 30-year yield exceeded 3% for the first time since April 2019, while the yield on the 10-year Treasury Inflation-Protected Securities turned positive for the first time since March 2020, the start of the coronavirus pandemic.A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013.

"We typically assume higher yields should be beneficial for banks, but that correlation has broken down a bit and it's been the sectors most negatively-correlated to rising rates - defensive sectors - which have actually rallied," said BNP's Grinacoff.

 

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