Bank Of America's Stock Jumps In Active Trade To An 8-year High

By Tomi KilgoreMarketsMarketWatch Pulse

Bank of America Corp.'s stock climbed 1.4% in active afternoon trade Wednesday, as a rise in Treasury yields helped push it up to an eight-year high. Volume of over 67 million shares made the stock the most actively traded on the major U.S. exchanges. The stock, on track to close at the highest level since Nov. 5, 2008, has now run up 21% in the 11 sessions since the election. Meanwhile, the yield on the 10-year Treasury note rose 0.041 percentage points (4.1 basis points) to 2.362%, putting it on track for the highest close since July 20, 2015, in the wake of stronger-than-expected durable goods orders data and a jump in consumer sentiment. The yield has run up 50 basis points since the election, on concerns that promised infrastructure spending could boost economic growth while also increasing the government's budget deficit. BofA's stock has now run up 22% year to date, while the SPDR Financial Select Sector ETF has climbed 16% and the S&P 500 has gained 7.8%.

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