This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Bank of America: Bank Stock Winner

The Department of Labor Thursday reported that initial jobless claims in the week ended June 22 decreased 9,000 to 346,000. Economists on average were expecting jobless claims of 345,000. The four-week moving average was 345,750, a decline of 2,750.

"The latest reading brings claims back below the 350,000 line-in-the-sand beneath which the economy should translate into payroll gains," Andrew Wilkinson, New York-based chief economist strategist at Miller Tabak said in a note.

Continuing claims in the week ended June 15 fell 1,000 to 2.965 million, according the Department of Labor. Economists were expecting continuing claims of 2.95 million.

The Bureau of Economic Analysis said that personal income increased by a greater-than-expected $69.4 billion, or 0.5% in May. A 0.2% gain in personal income was expected. Personal spending rose $29 billion, or 0.3%, in line with estimates.

The National Association of Realtors said Thursday that its Pending Home Sales Index, a forward-looking indicator based on contract signings, increased by a much greater than expected 6.7% to 112.3 in May, its highest level since late 2006 as buyers appeared to want to take advantage of favorable financing conditions before mortgage interest rates move higher, according to Lawrence Yun, the chief economist at the Chicago-based NAR. A May rise of 1% was expected.

"This implies a continuation of double-digit price increases from a year earlier, with a strong push from pent-up demand," Yun said in a statement.

Yields on the benchmark 10-year Treasury fell to 2.508%.

-- Written by Antoine Gara and Andrea Tse in New York.

Stock quotes in this article: BAC, HCBK, VNO, C, BXP 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,501.65 -12.72 -0.08%
S&P 500 1,875.39 -4.16 -0.22%
NASDAQ 4,126.9670 -34.4910 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs