What Happens to Equities and Bond Prices When There is a Sudden "Spike" in Interest Rates?

**This analysis was done last May 03, 2013 - Before Ben Bernanke's "Tapering".**

This is in relation to Lloyd Blankfein's "Biggest Worry" -  Interest Rate Increases in Parallels to 1994

http://www.bloomberg.com/news/2013-05-02/blankfein-sees-parallels-to-1994-interest-rate-increases.html

"Goldman Sachs Group Inc. Chief Executive Officer Lloyd C. Blankfein warned that the interest- rate environment has parallels to 1994, when a sudden and sharp increase in rates caught many investors off-guard."

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Question: What happens to Equities and Bond prices when there is a sudden hike in interest rates?

Methodology: We've examined the 10Y US Goverment Yields, S&P 500 Index and US Long Bond from 1981 to Present (32 years) and tried to find out what happens to Equity prices and Bond prices when interest rates make a sudden move up a.k.a "Interest rate spikes".

We've identified 5 interest rate spikes between the 32Yperiod.