Boston, MA 09/23/2013 (wallstreetpr) – Brian T Moynihan, the Chief Executive Officer of Bank of America Corp (NYSE:BAC) said that consumers were now spending 5-6% more this month than what was being spent in 2012 in the same month, despite the fact that there was a marked slowdown in the economy.
He said that the route to reach the 3% economic growth-rate is a lengthy one but that there is not too much of a downside risk. The 53-yesr old Moynihan made these remarks in an appearance with Warren Buffet, the billionaire. The latter who is Berkshire Hathaway’s Chairman stated that the economy is just creeping along.
The big investor
By assets, Bank of America Corp (NYSE:BAC) is the 2nd largest bank in the United States. In 2011, Berkshire which was headed by Buffet, had invested $5B in Bank of America Corp (NYSE:BAC) after its stock plunged more than 45% in the midst of increasing losses that stemmed from home-mortgages. Berkshire is the owner of numerous consumer and industrial companies that have brands such as Dairy Queen Ice Cream and Geico Insurance.
Friday’s trading
In Friday’s trading, Bank of America Corp (NYSE:BAC) stock dipped by 1.16%. The opening price of the shares was $14.65 which touched an intraday high of $14.66 and then dipped to close at $14.44. Approximately 144.79 million shares were traded on Friday. An average of 98.88 million shares was traded over a period of 30 days. The 52-week low of the shares is $8.70 and the 52-week high is $15.03. The company has a market cap of $155.13 million.
About the company
Bank of America Corp (NYSE:BAC) is a bank-holding company. It is also a financial-holding company. This financial institution serves individual consumers, SMB’s governments and corporations with a variety of investing, banking, asset-management and numerous other risk and financial management services and products.
