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

Financial stocks take a broad beating as Fed's 'aggressive' action sends Treasury yields tumbing

2:31 pm ET March 23, 2020 (MarketWatch)
Print

Financial stocks took a broad beating Monday, with shares of the largest players falling to multi-year lows, as the Federal Reserve's "aggressive action (http://www.marketwatch.com/story/fed-saying-aggressive-action-is-needed-starts-unlimited-qe-2020-03-23)" to help support the financial markets sets Treasury yields tumbling. The SPDR Financial Select Sector ETF (XLF) dropped 4.7% towared a 4-year low, with 87 of 90 equity components losing ground. Among the ETF's (XLF) most heavily weighted components, shares of J.P. Morgan Chase & Co. (JPM) slumped 5.1% toward a 3 1/2-year low; Bank of America Corp. (BAC) slid 7.3% toward a 3 1/2-year low; Warren Buffett's Berkshire Hathaway Inc. (BRKA) shed 5.2% toward a 3-year low; Citigroup Inc. (C) fell 7.8% toward a 4-year low; and Wells Fargo & Co. (WFC) took a 3.1% hit to an 8 1/2-year low. Meanwhile, the yield on the 10-year Treasury note fell 18.3 basis points to 0.755% (http://www.marketwatch.com/story/treasurys-rally-on-lack-of-us-fiscal-stimulus-deal-and-feds-unlimited-qe-effort-2020-03-23) it would buy an unlimited amount of Treasurys needed to ward off a credit crunch. Lower Treasury note yields could hurt bank earnings, as it could narrow the spread between what they earn on longer-term assets, such as loans, that are funded by short-term liabilities. The XLF has lost 41.5% over the past three months, while the S&P 500 has declined 30.5%.

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

(END) Dow Jones Newswires

March 23, 2020 14:31 ET (18:31 GMT)

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