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Countrywide Rally Cools

Stock quotes in this article: BAC , CFC  

Updated from 7:30 a.m. EDT

Countrywide (CFC Quote) rose 6% Thursday, a day after Bank of America (BAC Quote) made a $2 billion investment in the struggling mortgage lender.

Bank of America bought $2 billion of nonvoting convertible preferred stock that can be converted into common stock at $18 per share. The preferred shares yield 7.25%.

Countrywide was up $1.29 to $23.11 after earlier trading as high as $24.46. The stock had risen as much as 20% in thin trading when the announcement was made late Wednesday. ...

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Dow Jones S&P 500 NASDAQ 10-Year Note
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