There have been four big surges in the 10-year Treasury Yield since the bull market for the S&P 500 began in 2009. These big moves certainly sent shock waves through the bond market, but the stock market was not rattled because the S&P 500 produced double digit gains during each of the three yield surges. Note that we are currently in the midst of the fourth surge. While I am not predicting double-digit gains in the S&P 500, there is a clear positive correlation at work here and this is, well, positive for stocks.