It's been a good time to be an investor in Bank of America (NYSE: BAC). In 2024, its shares have jumped 17% as of mid-June. That gain outpaces the 14% rise of the S&P 500 index.

There's a lot of anticipation about when the Federal Reserve will start to cut interest rates. Perhaps the expectation that this accommodative behavior will happen soon has helped build up market sentiment for this top bank stock.

With momentum on its side, is Bank of America a smart business to buy shares in right now?

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Source Fool.com