Why Bank of America Shares Jumped on Monday
In sharp contrast to their recent sell-off, Bank of America (NYSE: BAC) shares ended Monday's session up 5%, leading stocks of similarly sized banking peers like Citigroup, Wells Fargo, and JPMorgan Chase. The groupwide effort led by BofA suggests investors are starting to let go of worries of a sweeping liquidity crisis for the nation's banking system. You're more likely to feel or sense one in the wake of First Citizens' (NASDAQ: FCNCA) intended acquisition of most of the banking assets of SVB Financial (NASDAQ: SIVB), which is parent to failed banking name Silicon Valley Bank.