How many times have we been through this?
Although frequently, any bad bank news has been met with buying over the last several weeks, last night’s reports that Bank of America needs $34-$35 billion in new capital is weighing on the market today, threatening to slow down the rally.
Overall, stock futures are down and Bank of America (BAC) itself is off about 10% pre-market.
But it’s not all bad news for the banks: Several, including Goldman Sachs (GS) and JPMorgan (JPM) have “passed” the stress test (technically everyone seems to pass), according to all the reports we’ve seen.
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