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.

Price
Delayed
$31.18
Day's Change
0.155 (0.50%)
Bid
--
Ask
--
B/A Size
--
Day's High
31.37
Day's Low
30.75
Volume
(Average)

Today's volume of 46,150,191 shares is on pace to be in-line with BAC's 10-day average volume of 58,504,504 shares.

46,150,191

Financial stocks suffer broad selloff as Treasury yields fall

11:05 am ET October 8, 2019 (MarketWatch)
Print

Financial stocks took a broad beating Tuesday, as Treasury yields dropped (http://www.marketwatch.com/story/treasury-yields-fall-after-us-blacklists-china-tech-firms-2019-10-08) amid growing concerns that U.S.-China trade talks could break down before they get started. The SPDR Financial Select Sector ETF (XLF) shed 1.8% in morning trading, and was the weakest ETF tracking the S&P 500's 11 key sectors, with all 67 components trading lower. Among the most active members, shares of Bank of America Corp. (BAC) sank 2.3%, Citigroup Inc. (C) shed 2.6%, J.P. Morgan Chase & Co. (JPM) gave up 2.1%, Wells Fargo & Co. (WFC) slid 1.9% and Charles Schwab Corp. (SCHW) declined 1.3%. Meanwhile, the yield on the 10-year Treasury note fell 4.1 basis points to a 5-week low of 1.514%, after the Trump administration blacklisted several China-based technology companies, Bloomberg reported (https://www.bloomberg.com/news/articles/2019-10-08/white-house-zeroes-in-on-limit-to-chinese-stocks-in-pension-fund?cmpid=BBD100819_TRADE&utm_medium=email&utm_source=newsletter&utm_term=191008&utm_campaign=trade) that the administration was discussing possible restrictions on capital flows into China and the South China Morning Post reported (https://www.scmp.com/economy/china-economy/article/3032016/china-tones-down-expectations-ahead-us-trade-war-talks-vice) that the China delegation to Washington later this week has cut its stay short by a night. Falling Treasury yields can hurt bank profits, as it can reduce the spread banks earn by funding longer-term assets, like loans, with shorter-term liabilities. The financial ETF has lost over 4% over the past three months, while the S&P 500 has eased 2.3%.

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

(END) Dow Jones Newswires

October 08, 2019 11:05 ET (15:05 GMT)

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