Dow Jones Industrial Average (.DJI) Cashes In on Financials’ Gains

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With a shareholder vote approaching in the coming weeks, some investors may be concerned about a threat from CEO and Chairman Jamie Dimon that he will leave if his dual roles are split following the vote. Some analysts have already estimated a 10% drop in the stock if Dimon leaves. But with support for Dimon from the board and others, there may be little for investors to worry about.

Bank of America Corp (NYSE:BAC) was one of the big winners yesterday, with a gain of 2.8%. Today the bank is a little slower on the uptake, with a 0.62% rise so far. Though there hasn’t been much news for the bank, it was certainly benefiting from the overall bullish nature of the market yesterday. Today, the banks overall may be getting a boost from news that home builders’ confidence in the market is rising. Despite higher costs for construction materials, confidence was boosted three points by increasing home prices for single-family homes. For Bank of America Corp (NYSE:BAC), this is great news as the bank continues to try to grab more market share within the mortgage origination business. The track hasn’t been easy, as B of A must compete with JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) Â which had a combined share of the market of 39% as of 2012.

The article Dow Cashes In on Financials’ Gains originally appeared on Fool.com is written by Jessica Alling.

Fool contributor Jessica Alling has no position in any stocks mentioned — you can contact her here. The Motley Fool recommends American Express and Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase, and Wells Fargo.

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