Rising yields on Treasury bonds helped squash stocks yesterday. Today, things reversed themselves, as a rally in Treasuries bolstered bank stocks and guided the Dow Jones industrial average up 103 points, or 1.25 percent, to 8,404. JPMorgan Chase (JPM), Bank of America (BAC) and American Express (AXP) were among the Dow's biggest winners.

Among the reasons Treasury yields are exerting so much pull on bank stocks: 10-year bonds are the benchmark for mortgage rates. Lots of homeowners have taken advantage of the situation and refinanced in recent months, boosting banks' revenue. But as soon as they start to rise, they'll bring mortgage rates up with them, ending the refinancing spree. That'll hurt borrowers and banks alike.

For more stocks making moves today, be sure to check out today's BloggingStocks' market wrap-up.