Bond yields rose following a surprising rise in new home construction in April. The Nasdaq composite gained 1% and the Russell 2000 index of small company stocks climbed 0.6%. BANKS BOUNCE BACK: Banks and other financial services companies all moved higher after solid housing data helped nudge bond yields higher. The higher yields follow the Commerce Department’s report that U.S. home construction rose faster than expected by economists in April. Higher yields allow banks to charge higher interest on loans.

Source: Washington Post May 16, 2019 12:09 UTC