Bullish stock-market investors did not sweat a Tuesday sell-off in Treasurys that took the 10-year yield to its highest level since March. And a further rise in yields could give equities an even bigger boost, said investor Bill Miller.

In a CNBC interview Tuesday, the founder of Miller Value Partners argued that a break above 2.6% for the 10-year yield could set off a "melt-up" in stocks that would rival the 2013 ramp-up.