One popular financials exchange-traded fund midday Wednesday was on track for its highest daily gain in more than 6 months as yields for U.S. government bonds soared amid a broad-market stock rally. The SPDR S&P Bank ETF /zigman2/quotes/201006419/composite KBE -0.73% was recently up 2.35%, putting the fund on pace for its best daily climb since March 26 when it rose 3.3%. The move for KBE was supported by an advance in shares of Webster Financial Corp. /zigman2/quotes/207965570/composite WBS -0.44% , Axos Financial Inc. /zigman2/quotes/202367185/composite AX -0.71% , Home Bancshares Inc. /zigman2/quotes/208559109/composite HOMB -1.09% and Fulton Financial Corp. /zigman2/quotes/204224869/composite FULT -1.12% , which were all showing gains of at least 4%. That rallied has been underpinned by a climb in long-dated bonds, with the 10-year Treasury yield advancing to its highest level since 2011 and the 30-year Treasury note yield hitting hitting its own multiyear peak. Rising yields tend to be bullish for banks's business models. On top of that, investors have been exiting assets perceived as safe, like bonds, and buying stocks, which has pushed the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.44% , the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.77% and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +1.49% to records or near all-time highs. Healthy economic reports, notably a strong reading of ADP private-sector employment and an upbeat services sector reading, have helped to bolster buying enthusiasm for stocks. Bond prices fall as yields rise.