The bounce in financial stocks could be a good sign for the broader stock market if it continues.
, Mayo added. He said for short-term investors, bank shares may see a catalyst if the yield on the 10-year rises to 1.25% as Wells Fargo expects by years end. Rising yields Monday were also a factor behind the gain in banks as the 10-year edged up to 0.72%.
Stovall said if growth does rebound with the reopenings, as the market expects, it will be good for banks stocks. "If they're going to do well, they have the ability to gain and grow that dividend," he said. "Right now the yields look very attractive." "PNC's receiving $14 billion to $17 billion for its BlackRock stake and telling the market that they were likely to be a buyer of a bank, along with Powell, just changed the psychological tone," said Emanuel. "In an underweighted, shorted sector ... we think investors really made an intellectual mistake." PNC said last week it was selling its 22% stake in BlackRock.
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