Major Wall Street bank stocks rose along with the broader market today after a lot of selling in recent weeks and as investors look for the Federal Reserve to potentially pivot on monetary policy. Shares of Bank of America (NYSE: BAC) traded nearly 3.7% higher in the final hour of trading today. Shares of Citigroup (NYSE: C), traded nearly 4% higher, and shares of JPMorgan Chase (NYSE: JPM) were up more than 4%.
Bank of America (NYSE: BAC) stock is down by about 40% from its recent highs, and to be fair, there are some good reasons for that. However, as Matt Frankel, CFP®, explains in this video clip, there's a lot to like about Bank of America, especially while it's trading for a discount.
NEW YORK (Reuters) -Bank of America Corp plans to deposit an additional $100 million into banks that focus on minority communities, the company said on Tuesday. The program doubles Bank of America's earlier pledge to deposit $100 million in minority depository institutions, or MDIs, that are mostly owned by minority individuals. The second-biggest U.S. lender has expanded its racial equality initiatives in recent years, making $42.5 million in equity investments in 22 MDIs and Community Development Financial Institutions, and taking equity stakes of less than 5% of each lender.For the smaller lenders, the influx of deposits "expands their capacity to make loans" for housing or businesses, D. Steve Boland, Bank of America's chief administrative officer, said in an interview.