NEW YORK ( TheStreet) -- My headline from Friday's trading is the 21.5 basis point rise in the yield of the U.S. 30-year bond yield to 3.708%, the highest since August 2011. Home builder stocks declined, while banking indices set new multi-year highs.The catalyst for this dynamic is what Wall Street called an improving jobs picture. I disagree with this interpretation and continue to call the labor market, the 'Obamacare Job Market', or the shift to part time employment from full time employment so that employers do not have to pay for health care insurance under the mandate of the Affordable Care Act.
Bank Indices Set Multi-Year Highs Pre-Earnings
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