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As rally continues, what could possibly go wrong?

With all that has gone right for the stock market, it's hard to imagine anything that could go wrong.

One clue could come from interest rates, which have climbed despite the Federal Reserve's efforts to keep them exceedingly low.

Along with the late-year stock rally came a rise in the 10-year Treasury yield to 3 percent, a number that could serve as an important test for whether the rally will continue.

CNBC's Patti Domm and Jeff Cox discuss what the ramifications of rising rates could be and what investors should be on the watch for.

  • Jeff Cox is finance editor for CNBC.com.

  • Lawrence Develingne

    Lawrence Delevingne is the ‘Big Money’ enterprise reporter for CNBC.com and NetNet.

  • Stephanie Landsman is one of the producers of "Fast Money."

Wall Street

  • Robert Shiller

    Nobel Prize-winning economist Robert Shiller says that his key valuation indicator is flashing warning signs.

  • Lael Brainard

    The Fed is in the early stages of an analysis on changes in bond market liquidity, amid signs that liquidity may be less resilient than in past.

  • Bill Gross

    Janus Capital acquired a majority interest in Kapstream Capital and said Kapstream's Palghat will support Bill Gross as co-portfolio manager of the Janus Global Unconstrained Bond strategy.