Bank of America shares closed Friday's session with a solid 2.9% gain, finishing at $56.53. The move came as part of a broad market rally that saw the Dow Jones Industrial Average surpass the 50,000 milestone for the first time.
Financial stocks broadly participated in the advance. JPMorgan Chase gained 3.9%, Citigroup surged 6.0%, and Wells Fargo climbed 2.1% during the session.
Investor focus now shifts to a backlog of key U.S. economic reports delayed by a recent government shutdown. According to S&P Global Market Intelligence, January payrolls data is scheduled for release on February 11, followed by the January Consumer Price Index on February 13. These figures are critical for shaping market expectations around the Federal Reserve's next interest rate moves.
The central bank held its benchmark rate steady in a range of 3.5% to 3.75% at its January meeting, following three cuts in the latter part of the previous year. Market pricing, as reported by Reuters, currently suggests traders anticipate the next rate cut could occur in June.
In a separate corporate filing, Bank of America CEO Brian Moynihan was noted to have donated 100,000 shares, listed as a charitable contribution. The bank's next major scheduled event is Moynihan's appearance at the BofA Securities Financial Services Conference on February 10, with quarterly earnings due on April 15.
The upcoming economic data presents a significant catalyst for Bank of America and other rate-sensitive financial names. Stronger-than-expected inflation could push bond yields higher and delay hopes for monetary policy easing, while softer numbers might shift concerns toward economic slowdown and potential credit risks.
