If you told me at the beginning of 2014 that the Dow Jones Industrial Average would be 17,800 and the S&P500 2,070, yet US 10 year bond yields would be 2.23%, you would have won a lot of money off me. Below is an overlay of the S&P500 (in green) and US 10 year bond yield (in green) during 2014. There is no economic textbook that explains this. US economy and US corporate earnings accelerating, record highs for US equities, QE ended, bond yields fall from 3.00% to 2.23%. Go figure.