Bloomberg News

Bank of America Shares Breach $7 on Optimism for U.S. Economy

January 12, 2012

Jan. 12 (Bloomberg) -- Bank of America Corp.’s stock breached the $7 level, rebounding from last month’s slump, as investors bet an improving economy will buoy the second-largest U.S. lender.

The shares rose 15 cents, or 2.2 percent, to $7.02 as of 9:31 a.m. in New York. They traded as low as $4.92 on Dec. 19 on concern that costs tied to faulty home loans will mount. Bank of

America, last year’s worst performer in the Dow Jones Industrial Average, led gainers in the 30-company benchmark for 2012 as of yesterday with a 24 percent advance.

Quarterly and full-year results are scheduled to be released on Jan. 19 by the Charlotte, North Carolina-based company.

--Editors: Rick Green, Dan Kraut

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net


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