Financial Sector Rise on Bank of America's $8.5 Billion Settlement
Wednesday, June 29, 2021 2:15 PM

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Financial Sector rose Wednesday as the country's largest banks stocks climbed after Bank of America Corp. (NYSE: BAC) said that it has agreed to pay an $8.5 billion settlement to mortgage investors and reserved another $5.5 billion against future claims, in the largest-ever settlement of its kind. The bank agreed to pay the amount to settle claims of 22 investors, including, BlackRock Inc, MetLife Inc and the Federal Reserve Bank of New York, over the housing-related securities it sold before the financial crisis. Shares of Bank of America sharply rose 3.28 percent to $11.18 after the announcement. Among the benefiters, whose shares rose were, BlackRock Inc. (NYSE: BLK) added 0.81 percent to $190.79 and MetLife Inc. (NYSE: MET) climbed 2.33 percent to $43.01. Other gainers in the sector were, Citigroup Inc. (NYSE: C) gaining 2.29 percent to $41.07, Goldman Sachs Group Inc. (NYSE: GS) adding 2.24 percent to $132.15, JPMorgan Chase & Co. (NYSE: JPM) rose 1.92 percent to $40.30, and TD Ameritrade Holding Corp. (Nasdaq: AMTD) gaining 1.66 percent to $19.32. Among the ETF's, the Financial Select Sector SPDR Fund (NYSEArca: XLF) added 1.44 percent to $15.20 and iShares Dow Jones US Financial ETF (NYSEArca: IYF) was trading higher by 1.29 percent to $55.64, today.


 

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