Stocks’ Ties to TINA Are Seen Fraying as U.S. Yields Rise

“There is no alternative” may be at risk as a rationale for buying stocks, according to Savita Subramanian, Bank of America Corp.’s chief U.S. equity strategist. Higher bond yields may pull income-oriented investors away from what’s known as TINA, she wrote in a report Thursday. Sixty-four percent of stocks in the S&P 500 Index had dividend yields above the 10-year Treasury note yield a week ago, according to data compiled by Bank of America. Just 44% yielded more than 1.75%, BofA’s year-end forecast for the Treasury yield. The latter comparison “renders TINA less compelling,” Subramanian wrote.