Investing.com - The major U.S. banks were leading sector gains on Monday, getting a boost after the 10-year Treasury yield climbed three basis points to reach 2.23%. Just about two weeks ago the yield headed below 2%.
Higher yields are good news for lenders. Looking forward, this week the Federal Open Markets Committee has its two-day policy setting meeting, but no rate hike is expected. Investors are currently pricing in a December rate hike and the interest in the meeting will likely be to garner more clues into that rate hike.
Bank stocks higher on Monday included Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co (NYSE:JPM), Wells Fargo & Company (NYSE:WFC) and Morgan Stanley (NYSE:MS).