Trader Alert: BofA Shares Approach 52-week Low (BAC)
Submitted by theStockMasters... on Thu, 10/14/2010 - 18:05
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Bank of America (NYSE:BAC) shares are just 2.72% away from touching a new 52-week low as its stock hovers around $12.52 today. Anytime this massive financial powerhouse gets this low, its time for a look and worth consideration for an entry point.
BAC shares are down 5.8% today on heavy volume, with shares traded at 344 million just before 2 PM.
More on today's drop from Investors.com -- Stocks stumbled to new session lows Thursday after zigzagging earlier.
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The S&P 500 lost 0.6%, giving back nearly all of Wednesday's gains. The Nasdaq and NYSE composite fell 0.4% each and the Dow 0.3%. Volume was tracking mixed, with the NYSE's higher and the Nasdaq's lower.
Financial issues were also weak, amid concerns involving foreclosure fraud. Bank of America (BAC) and Citigroup (C) fell 6% each. Wells Fargo (WFC) and JPMorgan Chase (JPM) lost 5% and 3%, respectively.
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