Bank of America Shares Top $10 for First Time Since 2011
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Bank of America Corp., the second-biggest U.S. bank by assets, eclipsed $10 a share for the first time since July 2011, cementing its status as this year’s best performer in the Dow Jones Industrial Average.
Bank of America climbed 5.7 percent to $10.46 at 4:15 p.m. in New York, bringing its gain for 2012 to 88 percent. The Dow Jones benchmark has risen 6.7 percent this year, with Home Depot Inc. in second place showing a 52 percent advance. Bank stocks rallied today as Citigroup Inc., the third-biggest U.S. lender, announced plans to cut more than 11,000 jobs and pull back in some markets, saving more than $1.1 billion annually.