Once a source of panic, the yield curve is validating stocks' comeback and may crown the winners [CNBC]
Bank of America Corporation (BAC)
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Source: CNBC
Once a source of panic, the yield curve is validating stocks' comeback and may crown the winners It's no coincidence that investors are getting more positive on the stock market as the yield curve has been steepening. Bank of America Merrill Lynch's quantitative team has found a direct relation between the move in stock prices and the yield curve, and some sectors, like energy, financials and materials, are far more correlated than others. A steepening yield curve is a positive sign for growth, and those sectors are closely linked to cyclical performance of the economy. "I would say as the yield curve steepens, it has a positive impact on equity prices on a relative basis. As it inverts, it has a negative impact on stock prices," said BofAML quantitative strategist Toby Wade. Wade's study looked at 1,300 stocks, including those in the S&P 500 and BofA's coverage universe. He looked at relative return going back 10 years, vs. the 2-year to 10-year yield curve. The yield curve steepens
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