Euphoria and Volatility
Bank of America's shares have now returned 104% year-to-date, following a 58% decline during 2011. Mounting evidence of a sustained recovery in U.S. housing prices, along with the overall economic recovery, have propelled the shares, although they were still down 15% from the end of 2010. The shares have been quite volatile this year, quickly rising to a closing price of $9.81 on March 20, then sliding to a close at $6.83 on May 21, before continuing a rocky climb to Thursday's closing high of $11.52, so Bank of America could be especially susceptible to the Fiscal Cliff and the possible AMT-driven delays of tax refunds next year.
Interested in more on Bank of America? See TheStreet Ratings' report card for this stock. -- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn