I have the distinct impression rises in interest rates are BAD for the stockmarkets.

Rates went up yet again, and the market at least for the moment lifted off like a rocket going to the moon. Technically I was hopeful of some move up, but this exceeded my expectations.

Is this rational or irrational?

I expect many viewers would enjoy cogent comments from any who can offer his/her understanding of what happened today, and I certainly would be enlightened.