Bank of America (BAC) NewsBite - Economic Optimism Lifts BAC

Posted: Monday, November 02, 2009 11:14 AM EDT

Bank of America (NYSE: BAC) opened at $14.85. So far today, the stock has hit a low of $14.72 and a high of $15.22. BAC is now trading at $15.12, up $0.54 (3.7%). Over the last 52 weeks the stock has ranged from a low of $2.53 to a high of $24.62. BAC shares are rising with the rest of the market this morning after a pair of economic reports suggested the economy is in better shape than previously thought. The National Association of Realtors said its index of pending home sales rose more than analysts expected in September. Meanwhile, the Institute for Supply Management said its manufacturing index came in at 55.7 in October, better than economists' forecasts. Technical indicators for the stock are bullish and S&P gives BAC a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on BAC the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 13 range. [ABR-Seven Summits Strategic Investments NewsBite]

Click Symbol For More News On: (BAC)