Bank of America shares rise on strong jobs data, fueling banking sector rally

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Bank of America shares rise on strong jobs data, fueling banking sector rally
Credit: © Reuters.

Bank of America (NYSE: BAC ) (BofA) shares witnessed a fifth consecutive day of gains on Friday, climbing 3.6% following the release of robust October jobs data, which hinted at a potential peak in interest rates. The stock, which saw a modest premarket uptick of 0.1%, has been on a notable rally since hitting a three-year low of $25.17 on October 27, amassing an aggregate surge of 13.76% over five sessions.

The positive jobs report didn't only spark a rally in BofA's shares but also ignited a surge in other banking stocks. JPMorgan Chase & Co. (NYSE: JPM ), Citigroup Inc (NYSE: C )., and Wells Fargo (NYSE: WFC ) & Co. all experienced significant gains, rising by 1.4%, 3.3%, and 2.9% respectively.

This upward trend in banking stocks contributed to overall gains in the sector and was reflected in the broader market as well. The S&P 500 index mirrored this positive market momentum with a rise of 0.9%.

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