What 10-year yield matters most for stocks?

From Bloomberg…

Investors in U.S. stocks have little reason for concern that the yield on 10-year Treasury notes surpassed 3 percent last week, according to Sam Stovall, CFRA Inc.’s chief investment strategist. In a report Monday, Stovall cited figures on the S&P 500 Index’s performance in months with rising yields during the past 65 years. The S&P 500 posted its biggest median monthly gain, 1.9 percent, when the 10-year yield was between 3 percent and 4 percent. The median didn’t turn negative until the yield rose above 6 percent, about twice its current level.