Why Bank of America Was Up 19.3% in October
Bank of America (NYSE: BAC) had a great month in October, rising 19.3%, according to S&P Global Market Intelligence. The megabank is currently trading at roughly $36 per share, down about 17% year to date.
The bank beat the Dow Jones Industrial Average, which had its best month since 1976, gaining 14%. The S&P 500 was up 8% and the Nasdaq Composite gained 3.9% in October.
The major catalyst for Bank of America in October was a better-than-expected third-quarter earnings report. The big banks are the first to report every quarter and are often seen as a bellwether for the market. In this case, it was true as Bank of America, and other big banks, posted strong earnings and the market followed.
Source Fool.com
