Better-than-expected earnings were ignored with the focus on higher rates and negative reports from Ford Motor Company (NYSE: F ), Raytheon Company (NYSE: RTN ), and United Parcel Service, Inc. (NYSE: UPS ). Some analysts were even mentioning the possibility of inflation as U.S. GDP is to be announced tomorrow and is projected to be at a 2.5% annualized rate of increase for Q3. But banks, both domestic and foreign, did well as investors recognized the benefit of higher rates to financial institutions.