BofA Drops to Two-Year Low as Economy Weighs on Moynihan
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Bank of America Corp. hit a two-year low in New York trading on concern that a stalling U.S. job market will drive up costs from bad mortgages.
The biggest U.S. lender by assets declined 45 cents, or 4 percent, to $10.83 in New York Stock Exchange composite trading at 4:15 p.m. The bank hasn’t closed at a lower price since May 2009. The stock sold for more than $55 in 2006 before the financial crisis took hold.