- Also having a big day in response to higher rates are the online brokers whose money market operations stand to benefit from interest rates which don't require a magnifying glass to see.
- Take Schwab's (SCHW +4.6%) Q3 results: $180M in money market fee waivers vs. $136M a year ago, and against total quarterly net income of $290M. Even a small rise in short rates will provide a big boost to the bottom line.
- E*Trade (ETFC +3.7%), TD Ameritrade (AMTD +2.8%).
- Earlier: Banks and insurers welcome higher rates.