Bank of America Stock Reacts as Rates Shift: BAC on Watch
Bank of America Corp. closed out Friday at $53.83, with shares stuck as traders weigh a firm U.S. jobs report, climbing bond yields, and a scheduled update from a senior executive on Tuesday. The regular NYSE hours are 9:30 a.m. to 4:00 p.m. ET, so Friday’s close was the last regular-session price. The rate picture changed sharply on Friday, after U.S. payrolls climbed by 172,000 in May, Reuters said. Treasury yields jumped as markets priced in more rate hikes. That tends to boost lending margins for banks but can also make it tougher for borrowers.