© Reuters.
Bank of America (BofA) shares witnessed a fifth consecutive day of gains on Friday, climbing 3.6% following the release of robust October jobs data, which hinted at a potential peak in interest rates. The stock, which saw a modest premarket uptick of 0.1%, has been on a notable rally since hitting a three-year low of $25.17 on October 27, amassing an aggregate surge of 13.76% over five sessions.
The positive jobs report didn’t only spark a rally in BofA’s shares but also ignited a surge in other banking stocks. JPMorgan Chase & Co. (NYSE:), Citigroup Inc (NYSE:)., and Wells Fargo & Co. all experienced significant gains, rising by 1.4%, 3.3%, and 2.9% respectively.
This upward trend in banking stocks contributed to overall gains in the sector and was reflected in the broader market as well. The mirrored this positive market momentum with a rise of 0.9%.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here