Stock Market Today, Oct. 13: Bank of America Dips After $1.2 Billion Fine From Treasury Department
Bank of America (NYSE:BAC) , a global consumer and investment bank with diversified deposit, lending, and markets businesses, closed at $53.96, down 1.14%. Investors are waiting for Wednesday's earnings release, following the announcement of a $1.2 billion fine from the U.S. Treasury Department after hours on Tuesday. Trading volume reached 43.3M shares, coming in about 28% above its three-month average of 33.8M shares. S&P 500 (SNPINDEX:^GSPC) closed at 7,805, down 0.02%, and Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 27,204, down 0.15%. Among money center banking / diversified financial services peers, JPMorgan Chase (NYSE:JPM) closed at $331.43, down 0.86%, while Wells Fargo (NYSE:WFC) closed at $80.75, down 3.08% as big-bank earnings season shaped trading. The Treasury Department has hit Bank of America with $1.2 billion in penalties for anti-money-laundering and sanctions law violations. The bank allegedly failed to report over $5 billion in suspicious payments for years. Continue reading