Stocks Rebound as Bond Yields Climb

Stocks closed broadly higher on Wall Street as bond yields rose off their recent lows, easing concerns about a troubling drop in long-term yields over the past week, the AP reports. Banks did especially well Thursday. Citigroup climbed 2%. Higher yields are good for banks because they earn more on bonds they hold and they can charge higher interest rates on loans. Technology and industrial stocks also rose, offsetting losses in communications companies. Small-company stocks did better than the rest of the market. The S&P 500 rose 10 points, or 0.4%, to 2,815. The Dow Jones Industrial Average climbed 91 points, or 0.4%, to 25,717. The Nasdaq added 25 points, or 0.3%, to 7,669. Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.39%. (More stock market stories.)