The stock market bounced back Friday, a day after suffering its second-worst loss this year.
The stock market bounced back Friday, a day after suffering its second-worst loss this year.
Bank stocks had some of the biggest gains even though many of them had their credit ratings cut the day before.
JPMorgan Chase, Bank of America and other big lenders posted solid gains. Banking analysts said the downgrades from Moody’s Investor Service late Thursday had been expected for months and removed uncertainty that had been weighing on banks.
News Tribune news services
Bank of America CEO Brian Moynihan’s stock bonus nearly doubled this year, to $11 million, reflecting a steep share price rise and the board’s apparent confidence in Moynihan’s progress on the bank’s legal issues and capital position.
The Federal Reserve took financial markets for a ride Wednesday, pushing stock prices up in the morning then sending them down in the afternoon.
Bank of America will pay mortgage giant Fannie Mae $3.6 billion and buy back more than 30,000 loans to resolve a long-running dispute between the two, the bank announced Monday. The Charlotte bank will pay more than $10 billion in total.
Bank of America’s CEO, in an interview that aired Tuesday with public television’s Charlie Rose, praised the federal regulations that have been rolled out in the wake of the financial crisis and said banks must be run better in the future.
Stocks edged higher in early trading on Wall Street, led by gains for financial companies, putting markets back at record levels.
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