Why Bank of America Rallied Today
Shares of large money center bank Bank of America (NYSE: BAC) rallied on Wednesday, up as much as 3.8% before retreating to a 1.8% gain as of 3:54 p.m. EDT.
Bank of America delivered an earnings report today that was everything an investor could ask for, from a revenue and earnings beat to positive commentary on private credit exposure and lower-than-expected credit provisions. So, it was no surprise to see the stock climb, despite already rising over 40% in the past year.
In the first quarter, Bank of America reported 7% revenue growth to $30.3 billion, with earnings per share up nearly 25% to $1.11. Both figures handily beat expectations.
Source Fool.com
