Thursday, October 27, 2011

BofA stock up sharply as markets climb

Bank of America's stock finished up sharply Thursday, one of several financial companies to benefit from the market's rally.

The Charlotte-based bank's stock (ticker: BAC) closed up nearly 10 percent, at $7.22, the highest it's been in more than a month.

The Dow Jones Industrial Average closed up more than 360 points, nearly 3 percent, fueled by positive news Thursday morning out of Europe. European leaders and banks agreed to mark down the value of Greek debt by 50 percent, part a deal designed to ease the euro zone's debt crisis.

Wells Fargo's stock finished up 5 percent at $27.07, JP Morgan Chase's closed up more than 8 percent at $37.02, and Citigroup finished up almost 10 percent at $34.17.