Bank of America Corp
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Financials : Banks | Large Cap ValueCompany profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Closing Price
$29.30
Day's Change
0.31 (1.07%)
Bid
--
Ask
--
B/A Size
--
Day's High
29.46
Day's Low
28.71
Volume
(Above Average)
Volume:
97,928,158

10-day average volume:
84,766,671
97,928,158

Bank stocks fall was Treasury yields drop, sending financial sector ETF toward 13-month low

8:52 am ET October 23, 2018 (MarketWatch)
Print

Financial stocks fell sharply early Tuesday, as the global selloff in stocks (http://www.marketwatch.com/story/us-stock-futures-point-to-continued-losses-for-wall-street-2018-10-23) sent investors into safe-haven Treasurys, pushing yields lower. The SPDR Financial Select Sector ETF (XLF) dropped 1.6% toward a 13-month low in premarket trade. Among the ETF's (XLF) heavyweights, shares of J.P. Morgan Chase & Co. (JPM) shed 1.8%, Bank of America Corp. (BAC) declined 2.8%, Citigroup Inc. (C) lost 1.8%, Goldman Sachs Group Inc. (GS) gave up 1.8% and Wells Fargo & Co. (WFC) slumped 1.5%. Meanwhile, the yield on the 10-year Treasury note declined 5.7 basis points to 3.139%. Lower long-term interest rates can pressure bank earnings, as it narrows the spread between what makes earn on longer-term assets, such as loans, and what they pay on shorter-term liabilities. The XLF, on track to open at the lowest level seen during regular session hours since September 2017, has lost 6.6% over the past three months, while the S&P 500 has slipped 1.8%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 23, 2018 08:52 ET (12:52 GMT)

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