Bank etfs, bank of america post big drops as treasury yields jump


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Banks stocks were broadly struggling Wednesday afternoon, as long-term Treasury yield jumped following a weak auction for 20-year Treasurys. The SPDR S&P Bank ETF, which tracks an index


of U.S. banking stocks, was down 3.4%, while the SPDR S&P Regional Banking ETF also slumped 3.4%, according to FactSet data, at last check. Shares of Bank of America and Citigroup were


also down more than 3% in afternoon trading Wednesday. The yield on the 10-year Treasury note was climbing about 10 basis points to around 4.58%, FactSet data showed, at last check.