Arguably, no stock trading sector is more sensitive to the economic cycle than the banking sector. The general consensus earlier this year was decidedly toward a definite downturn. Speaking at the Economic Club of New York last week, Bank of America's (NYSE: BAC) Brian Moynihan said bluntly, "We won't have a recession."
Many stocks remain expensive even though the stock market has lost much of its momentum from earlier this year. Most bank stocks have been hammered in 2023 by the banking crisis that erupted earlier this year. Bank of America (NYSE: BAC) is no exception.
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