Posted by admin | Posted on 07-06-2012
Category : Business, Stocks
Tags: april, bank, banks, benchmark, cramer, jim, price, short, Unemployment, wall street, wednesday
NEW YORK (TheStreet) — Bank of America was the big winner among the largest U.S. financial names during a strong market rally on Wednesday, with shares rising 8% to close at $7.64.
The broad indexes all jumped more than 2%, as investors anticipated further monetary easing by the Federal Reserve, in the wake of last week’s dismal economic reports, including an increase in the U.S. unemployment rate to 8.2% in May, from 8.1% in April. The European Central Bank on Wednesday kept its benchmark short-term interest rate at 1%.
Jim Cramer described the bank stock action over the past two days as an “oversold bounce.” …
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Read the original: Bank of America: Bounce-Back Winner