Rising Treasury yields sink tech stocks, boost banks

Rising Treasury bond yields drove bank stocks higher Friday while sending technology shares tumbling and pushing the S&P 500 off of a record high.

An increase in the 10-year Treasury bond yield to 1.6 percent, a sign of Wall Street expecting higher interest rates, interrupted a broad stock market rally in the first day of trading after President BidenJoe BidenThe Memo: Nation rallies for Biden on his COVID-19 response Democrats debate fast-track for infrastructure package Japanese prime minister expected to be Biden’s first foreign visit at…

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