Benzinga | Nov 22, 2021 02:07PM EST

Why Bank Of America Shares Are Trading Higher Today

Shares of banks and financial services companies, including Bank Of America Corp (NYSE:BAC), are trading higher Monday following a rise in yields after U.S. President Joe Biden announced he would nominate Fed chair Jermone Powell for a second term.

The President named Fed Governor Lael Brainard as vice chair. If Brainard had been nominated for the Fed chair position, many expected more dovish monetary policy, meaning it may have taken the Fed longer to ease its stimulus measures.

The 10-year Treasury note climbed as high as 1.62% at publication time.

See Also: What Are Whales Doing With Bank of America

Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets.

BAC Price Action: Bank Of America has traded as high as $48.69 and as low as $26.63 over a 52-week period.

The stock was up 2.92% at $46.72 at time of publication.

Photo: Mike Mozart from Flickr.