Bank of America Corp
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Financials : Banks | Large Cap Value
Company 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
$28.11
Day's Change
1.33 (4.97%)
Bid
--
Ask
--
B/A Size
--
Day's High
29.01
Day's Low
27.88
Volume
(Heavy Day)
Volume:
118,767,892

10-day average volume:
88,272,532
118,767,892

Bank stocks take a broad beating as Treasury yields keep falling to records

9:10 am ET March 6, 2020 (MarketWatch)
Print

Financial stocks were taking a broad premarket beating Friday, as Treasury yields continued to tumble (http://www.marketwatch.com/story/10-year-treasury-yield-extends-drop-below-1-on-global-stock-selloff-2020-03-06) to record lows despite better-than-expected February jobs data (http://www.marketwatch.com/story/us-economy-adds-strong-273000-jobs-in-february-but-coronavirus-looms-as-threat-to-hiring-2020-03-06). The SPDR Financial Select Sector ETF (XLF) dropped 4.4%, putting it on track to open at a 1-year high. All of the ETF's components that have traded are losing ground. Among the most heavily weighted components, shares of J.P. Morgan Chase & Co. (JPM) lost 4.8%, Bank of America Corp. (BAC) shed 5.2%, Citigroup Inc. (C) slid 5.3%, Wells Fargo & Co. (WFC) declined 4.8% and Warren Buffett's Berkshire Hathaway Inc. (BRKA) gave up 3.1%. Futures for the S&P 500 slumped 2.9%. The yield on the 10-year Treasury note dropped 1.90 basis points to 0.736%, and hit a record intraday low of 0.714% earlier. Lower longer-term rates can weigh on bank earnings, as it narrows the spread they earn longer-term assets, such as loans, that are funded by shorter-term liabilities.

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

(END) Dow Jones Newswires

March 06, 2020 09:10 ET (14:10 GMT)

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