Bank of America’s stock gets a big boost from jobs data, surges toward a 5th straight gain

Shares of Bank of America Corp. surged 3.6% toward a fifth straight gain in morning trading Friday, as they got a big boost from October jobs data, which fueled hopes that interest rates may have peaked. BofA’s stock was up a scant 0.1% in the premarket just before the jobs data was released. It has now run up 13.76% during its five-session win streak, which kicked off after the stock closed at a 3-year low of $25.17 on Oct. 27. Shares of BofA’s peers also rallied after the data. Shares of JPMorgan Chase & Co.
JPM,
+1.12%
rose 1.4%, after being little changed just before the data was released; Citigroup Inc.’s stock
C,
+3.53%
climbed 3.3%, after being flat per-data; and Wells Fargo & Co. shares
WFC,
+2.74%
ran up 2.9%, after being up 0.2% before the data. Meanwhile, the S&P 500
SPX,
+0.94%
gained 0.9%, compared with a 0.1% decline in the SPDR S&P 500 ETF
SPY,
+0.91%
just before the data.