After a big day yesterday, Bank of America Corp (NYSE:BAC) is up again today: 0.60% in the first hour of trading, after being down 0.37% overnight. Thank a perfectly virtuous circle of market and sector support for yesterday’s performance, and say a prayer to the market gods that it continues today.
Big-bank and market roundup
Speaking of which, here’s a quick look at what Bank of America Corp (NYSE:BAC)’s peers and the markets are doing right now:
Citigroup Inc (NYSE:C) is up 0.96%.
JPMorgan Chase & Co. (NYSE:JPM) is up 0.60%.
After opening down, Wells is now up 0.01%.
In the markets:
The broader S&P 500 is down 0.07%.
The narrower Dow Jones Industrial Average is also down, by 0.05%.
And the Nasdaq Composite is down by 0.02%.
Foolish bottom line
Yesterday, the S&P closed at a record high 1650.34. The Dow hit record intraday highs. It was a bull day in the markets, and they carried the banks along with them. Or was it the other way around?
Citigroup Inc (NYSE:C) was up 2.4%, and hit a 12-month high. JPMorgan Chase & Co. (NYSE:JPM) rose 1.3%, and Goldman Sachs Group, Inc. (NYSE:GS) jumped 3.3%. Bank of America Corp (NYSE:BAC) climbed 2.7%. It was a big day for the banks and the markets: a perfectly virtuous circle of mutual support.
And that’s likely what you have to chalk yesterday’s movements up to, and today’s, as well: a rising tide lifting all boats.
There’s not much going on for Bank of America Corp (NYSE:BAC) in particular right now. All of the attention is focused on JPMorgan and the upcoming proxy vote to split the roles of COB and CEO there. Maybe Bank of America Corp (NYSE:BAC) investors are just happy the name of their favorite bank isn’t JPMorgan Chase & Co. (NYSE:JPM), and that its CEO isn’t named Jamie Dimon.
Investors are very used to seeing Bank of America Corp (NYSE:BAC) in the headlines for lawsuits and regulatory actions. It must be a relief to have some of the pressure off for a while. But always remember that day-to-day, week-to-week, or even month-to-month stock moves aren’t what Foolish investing is about.
Here at The Motley Fool, we stress taking a long-term view: Obsessive ticker checking can lead to more trades, which costs you money. Focus on the fundamentals of the companies you’re invested in, and check in on your share prices once a month, or even once a quarter. In the end, your portfolio will thank you, even if your broker won’t.
The article Why Bank of America Is Climbing Higher Today originally appeared on Fool.com and is written by John Grgurich.
Fool contributor John Grgurich owns shares of Goldman Sachs, Citigroup and JPMorgan Chase. Follow John’s dispatches from the bleeding heart of capitalism on Twitter @TMFGrgurich. The Motley Fool recommends Goldman Sachs and Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.
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