After a big day yesterday, Bank of America (NYSE:BAC) is up again today: 0.60% in the first hour of trading, after being down 0.37% overnight. Thank a perfectly virtuous circle of market and sector support for yesterday's performance, and say a prayer to the market gods that it continues today.
Big-bank and market roundup
Speaking of which, here's a quick look at what B of A's peers and the markets are doing right now:
- Citigroup is up 0.96%.
- JPMorgan Chase (NYSE:JPM) is up 0.60%.
- After opening down, Wells is now up 0.01%.
In the markets:
- The broader S&P 500 is down 0.07%.
- The narrower Dow Jones Industrial Average is also down, by 0.05%.
- And the Nasdaq Composite is down by 0.02%.
Foolish bottom line
Yesterday, the S&P closed at a record high 1650.34. The Dow hit record intraday highs. It was a bull day in the markets, and they carried the banks along with them. Or was it the other way around?
Citi was up 2.4%, and hit a 12-month high. JPMorgan rose 1.3%, and Goldman Sachs (NYSE:GS) jumped 3.3%. B of A climbed 2.7%. It was a big day for the banks and the markets: a perfectly virtuous circle of mutual support.
And that's likely what you have to chalk yesterday's movements up to, and today's, as well: a rising tide lifting all boats.
There's not much going on for B of A in particular right now. All of the attention is focused on JPMorgan and the upcoming proxy vote to split the roles of COB and CEO there. Maybe B of A investors are just happy the name of their favorite bank isn't JPMorgan, and that its CEO isn't named Jamie Dimon.
Investors are very used to seeing B of A in the headlines for lawsuits and regulatory actions. It must be a relief to have some of the pressure off for a while. But always remember that day-to-day, week-to-week, or even month-to-month stock moves aren't what Foolish investing is about.
Here at The Motley Fool, we stress taking a long-term view: Obsessive ticker checking can lead to more trades, which costs you money. Focus on the fundamentals of the companies you're invested in, and check in on your share prices once a month, or even once a quarter. In the end, your portfolio will thank you, even if your broker won't.