Bank of America shares closed Friday's session with a solid 2.9% gain, finishing at $56.53 per share. The move higher came as part of a broad market rally that saw the Dow Jones Industrial Average surpass the 50,000 milestone for the first time.
The financial sector broadly participated in the advance, with JPMorgan Chase rising 3.9%, Citigroup surging 6.0%, and Wells Fargo climbing 2.1% during the session. Market analysts attributed the strength to broadening participation across market sectors.
Investor attention now shifts to a backlog of crucial economic data delayed by recent government disruptions. According to S&P Global Market Intelligence, January payroll figures are scheduled for release on February 11, followed by the January Consumer Price Index on February 13. These reports are expected to significantly influence market expectations for Federal Reserve interest rate decisions.
The Federal Reserve maintained its benchmark rate in the 3.5%-3.75% range at its January meeting, following three cuts in the latter part of the previous year. Market participants currently anticipate the next potential rate reduction could occur in June, based on trading activity in interest rate futures.
In corporate developments, a regulatory filing disclosed that CEO Brian Moynihan donated 100,000 shares, characterizing the transaction as a charitable contribution. Moynihan is scheduled to speak at the BofA Securities Financial Services Conference on February 10.
Treasury yields showed mixed movement, with the two-year yield adding 3.5 basis points to approximately 4.152%, while the ten-year yield declined 3.2 basis points to around 4.383%. The divergence reflects ongoing uncertainty about the timing of monetary policy shifts.
For Bank of America and other major financial institutions, the upcoming economic data represents a critical catalyst. Stronger-than-expected inflation figures could push yields higher and delay anticipated rate cuts, while softer numbers might raise concerns about economic slowing and potential credit quality deterioration.
The company's next quarterly earnings report is scheduled for April 15, but near-term stock movement will likely be driven by macroeconomic developments rather than company-specific news.
