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Bank Of America Corp (BAC) Financial News - U.S. Stock Futures Increase; S&P 500 Index May Snap a Three-Week Decline

Bank Of America Corp (BAC)

U.S. Stock Futures Increase; S&P 500 Index May Snap a Three-Week Decline

Quote: Bank of America Corp. (BAC)Citigroup Inc. (C) gained more than 1 percent in German trading. New York. Dow Jones Industrial Average futures expiring next month climbed 18 points, or 0.2 percent, to 11,268. “We had quite a turbulent couple of weeks,” Veronika Pechlaner, who helps manage about $1.8 billion at Jersey, Channel Islands-based Ashburton Ltd., said in a telephone interview. “The market sold off and bounced back quite healthily towards the end of the week. The issue is, how will we progress from here?” S&P 500Europe’s sovereign debt crisis deepened and investors speculated the economy may contract. The index is down 6.3 percent for the year, bringing its valuation to 11.9 times estimated earnings, the cheapest since March 2009, according to weekly data compiled by Bloomberg. Unprecedented Swings Howard Silverblatt, senior index analyst at S&P. JapanTokyo. The median forecast of 25 economists surveyed by Bloomberg News was for a 2.5 percent drop. Data at 8:30 a.m. today may show manufacturing in the New York region stagnated in August, according to a Bloomberg survey of economists. Bank of America, which plunged 12 percent last week, advanced 1.3 percent to $7.28 in early New York trading. The shares may be poised to rise on growth at the bank’s businesses other than its residential-mortgage division, Barron’s said. Morgan Stanley (MS), the sixth-largest U.S. bank by assets, advanced 2.1 percent to $17.25 in German trading. Citigroup, the third-biggest U.S. lender, climbed 1 percent to $30.15. cvannucci1@bloomberg.net arummer@bloomberg.net ...
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