NEW YORK (TheStreet) -- Shares of Bank of America (BAC) rose 0.74% to $16.98 in morning trading Friday amid a broad market climb after the U.S. Department of Commerce announced the nation's gross domestic product grew at its quickest pace in 2.5 years.
The department said the U.S. GDP rose 4.6% in the April to June period, which beat the previous expectation of 4.2%. Exports rose 11.1%, compared to the estimate of 10.1%.
The departure of U.S. Attorney General Eric Holder could also boost the stock, as Holder had sought severe penalties against the bank for allegedly misleading customers with regard to mortgages prior to and during the financial crisis; however, CEOs and high-level executives avoided prosecution and jail time.
Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, notable return on equity and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."