Up until recently, experts were touting the upside potential of financials. I've been against that notion. I've correctly argued that traders should not chase the Financial Select Sector SPDR Fund (NYSEARCA:XLF) too far.
Why Gilead Sciences, Inc. (GILD), Bank of America Corp (BAC By the closing bell, the Dow Jones Industrial Average added 1.6%, the S&P 500 Index gained 1.8%, the Nasdaq Composite put on 2.1% and the Russell 2000 closed out the day with a 1.6% gain.
The regulator, the Securities and Futures Commission, said it has censured units of Bank of America Merrill Lynch for failing to disclose dealings in securities of companies involved in two transactions on which the bank advised in 2015.
As soon as Bank of America Corp.'s (NYSE:BAC) capital plan secured approval from the Fed. Against conditional winning marks last year; the bank disclosed plans to increase its common stock dividend by 50%, to 7.5 cents per share from 5 cents per share.