Bank of America Stock Actually Gained 6.4% in the Second Half of 2022. Is the Worst Over?
As investors look toward 2023, there is renewed optimism for a more positive market and economic environment. However, the reality is, the conditions that caused the bear market of 2022 have not really changed a whole lot and could be with us for some time.
But some stocks, like Bank of America Corp. (NYSE: BAC), actually finished the year on a high note, relatively speaking. Bank of America gained 6.39% in the second half of 2022, according to S&P Global Market Intelligence. Can it continue that momentum in 2023? Is the worst over?
Bank of America, the second largest U.S. bank, actually outperformed the average bank stock in the second half of 2022. The KBW Nasdaq Bank Index, which tracks the performance of the largest banks, was essentially flat in the second half of the year. For the entire year of 2022, the index was down 21.4%, while Bank of America fell slightly more, 23.8% in calendar year 2022.
Source Fool.com