BAC - Bank of America Corporation

NYSE - Nasdaq Real Time Price. Currency in USD
24.02
-0.17 (-0.70%)
As of 10:27AM EDT. Market open.
Stock chart is not supported by your current browser
Previous Close24.19
Open23.89
Bid24.03 x 1100
Ask24.04 x 1300
Day's Range23.45 - 24.14
52 Week Range17.95 - 35.72
Volume19,095,775
Avg. Volume74,637,963
Market Cap208.388B
Beta (5Y Monthly)1.59
PE Ratio (TTM)9.76
EPS (TTM)2.46
Earnings DateJul. 16, 2020
Forward Dividend & Yield0.72 (2.98%)
Ex-Dividend DateJun. 04, 2020
1y Target Est28.53
  • Reuters

    In New York's Harlem, small businesses reel from coronavirus toll on Black communities

    Sylvia's, a soul food restaurant on Malcolm X Boulevard in Harlem, New York, saw a welcome bump in donations and revenue from new customers in early June following calls to "buy Black" after the death of George Floyd. The coronavirus pandemic has limited its operations, forcing the Harlem staple to lay off most of its staff and slash revenues. Owner Tren'ness Woods-Black welcomed the publicity but said she is more concerned about her core clientele, a devoted group of mostly Black patrons who used to dine at the restaurant every day.

  • Trading, Underwriting Businesses to Aid BofA (BAC) Q2 Earnings
    Zacks

    Trading, Underwriting Businesses to Aid BofA (BAC) Q2 Earnings

    A substantial rise in trading and underwriting activities is likely to support BofA's (BAC) Q2 results. Lower interest rates and significantly higher credit cost may have been headwinds.

  • Wells Fargo CEO: 'The length and severity of the economic downturn has deteriorated considerably'
    Reuters

    Wells Fargo CEO: 'The length and severity of the economic downturn has deteriorated considerably'

    The San Francisco-based bank also cut its dividend for the third quarter to 10 cents per share from 51 cents previously to reflect the U.S. Federal Reserve's recent curbs on bank dividends. Net interest income fell 18% from the prior period, as interest rates have fallen to near zero.

  • Buffett Has Gained $108 Billion on These 5 Stocks
    Motley Fool

    Buffett Has Gained $108 Billion on These 5 Stocks

    In recent years, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett has taken a lot of criticism for underperforming the benchmark S&P 500. According to Berkshire Hathaway's 2019 shareholder letter, the broad-based S&P 500 has gained a cool 19,784%, including dividends paid, over the past 55 years. Comparatively, Berkshire Hathaway's per-share market gain has totaled (drum roll) 2,744,062% over the same period.

  • Bank of America Declares Preferred Stock Dividends
    Business Wire

    Bank of America Declares Preferred Stock Dividends

    Bank of America Corporation today announced the Board of Directors has authorized regular cash dividends on the outstanding shares or depositary shares of the following series of preferred stock:

  • Emerging Markets Are Going to Pay the Price Again
    Bloomberg

    Emerging Markets Are Going to Pay the Price Again

    (Bloomberg Opinion) -- Judging by the performance of emerging markets, you’d hardly know the world was suffering from a deadly pandemic. After a horrible March, according to the Institute for International Finance, non-resident portfolio flows into emerging markets increased tenfold to $32.9 billion in June. MSCI’s EM currency index hit a one-month high last Thursday. Even currencies as weak as the South African rand are seeing a bit of a rally.Of course, that doesn’t mean things are going well in developing nations themselves. If anything, many of them face longer and more troublesome recoveries than was anticipated at the depth of the market panic in March. Earnings aren’t expected to recover anytime soon. Here in India, the ratio of price to one-year forward earnings for stocks in the Nifty50 index is the highest it has been for a decade.Behind this decoupling of markets and Main Street lies a familiar culprit: rich-world central banks. As they did after the 2008 financial crisis, the Federal Reserve, European Central Bank, Bank of England and Bank of Japan have pumped massive amounts of liquidity into their domestic markets. Those markets have rallied as intended and domestic investors, terrified at the prospect of missing out, have piled in. That in turn has forced institutional investors to search for yield in emerging markets.If the entire process is disconnected from reality, that’s by design. The very purpose of unconventional monetary policy is to impose irrationality on markets.Market insiders take this disconnect for granted; as Ajay Kumar of Bank of America Securities told Bloomberg TV, “sentiment and liquidity account for the bulk of your returns” at times like these. But the rest of the world doesn’t. And they’re right not to do so because, the last time this happened, emerging markets wound up badly damaged by the monetary policy of developed nations.Yes, the Fed and others have done well to reverse the near-catastrophic outflows of capital from emerging markets that were visible in the early weeks of the pandemic. Though it wasn’t their intent, their actions helped EMs raise, by early June, more than $83 billion on global bond markets.But, emerging markets should have learned by now that this is a poisoned chalice. Over the medium- and long-term, the West’s money printing will burden the developing world with volatility, instability, and subdued growth and investment.Consider India’s experience. In the years after 2008, the country enjoyed a sharp liquidity- and stimulus-driven rebound. But then commodity prices shot up. That increased inflation, drained foreign-exchange reserves and caused inflationary expectations to drift up unanchored.Asset-price inflation caused endless pain domestically; real estate prices, for example, shot up so high that the market is still not working properly. And, worst of all, cheap liquidity led to indiscriminate lending and a bad-loan crisis that has crippled Indian growth and investment.Nor were we masters of our own fate: In the infamous taper tantrum, a word from former Fed chairman Ben Bernanke drove the Indian rupee down to record lows. The Fed’s actions had political consequences as well, as voters took out their anger on the hapless incumbent government.Naturally, this process won’t unfold the same way twice. The driver won’t be oil prices this time, and perhaps not real estate. All we can say for certain is that something of the sort will indeed happen again. All that liquidity will have to settle somewhere and it will probably wind up flowing to whichever real asset is seen as being scarcest and most future-proofed on the margin. Rare earths, perhaps, in our new digital world?The fact that share prices and currency indices are so detached from reality is the surest sign that the process is underway. These are the first conduits through which the irrationality of central bank actions elsewhere begins to affect emerging economies. The MSCI index of EM equities has had a great quarter but remember, the last time it had such a good quarter was 2009.Inevitably, the combination of unrestrained liquidity and a crisis mentality will weaken already fragile governance structures in both financial markets and the real economy. Central banks in the West have been warned of this often. Raghuram Rajan, who as governor of the Reserve Bank of India had to deal with the consequences for India of unconventional monetary policy elsewhere, has constantly argued for setting “rules of the game” for central banks so that they don’t destabilize emerging markets.Rajan makes a simple, if under-appreciated point: “The bottom line is that simply because a policy is called monetary, unconventional or otherwise, it may not be beneficial on net for the world.” The failure to learn the lessons of the last stimulus may now doom emerging markets to another decade of subpar growth and political instability.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mihir Sharma is a Bloomberg Opinion columnist. He was a columnist for the Indian Express and the Business Standard, and he is the author of “Restart: The Last Chance for the Indian Economy.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Earnings season kicks off with big banks, Netflix: What to know in the week ahead
    Yahoo Finance

    Earnings season kicks off with big banks, Netflix: What to know in the week ahead

    Market participants are bracing for the start of what will likely be the weakest corporate earnings season since the global financial crisis, as the coronavirus pandemic and measures to contain it hit business activity especially hard in the second quarter.

  • Big banks kick off earnings season on Tuesday — here’s what to expect
    Yahoo Finance Video

    Big banks kick off earnings season on Tuesday — here’s what to expect

    On Tuesday, three of the largest banks in the U.S. — JPMorgan Chase, Wells Fargo and Citi — kick off earnings season when they report their quarterly results. Moody’s Jeffrey Berg expects financials to report “varied, and in some instances, sharp declines in earnings” due to coronavirus and collapsing oil prices. Berg joins The Final Round to discuss what factors he’s focused on beyond the headline numbers.

  • Reuters

    US STOCKS-Wall St jumps with financials; Gilead data offsets virus fears

    U.S. stocks rose on Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States, and as financial shares surged. The Nasdaq posted its sixth record closing high in seven days, but the index underperformed both the Dow and S&P 500, in a reversal of the recent trend.

  • US STOCKS-Wall St jumps as Gilead data offsets virus fears; financials jump
    Reuters

    US STOCKS-Wall St jumps as Gilead data offsets virus fears; financials jump

    U.S. stocks rose on Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States, and as financial shares surged. The Nasdaq posted its sixth record closing high in seven days, but the index underperformed both the Dow and S&P 500, in a reversal of the recent trend.

  • Big banks set for worst financial quarter since financial crisis
    Yahoo Finance Video

    Big banks set for worst financial quarter since financial crisis

    As big banks gear up for earnings season, many investors are anticipating the worst quarter for the banks since the financial crisis. Yahoo Finance’s Brian Cheung joins The Final Round panel to break down the details.

  • Reuters

    CORRECTED-US STOCKS-Wall St climbs as Gilead data offsets virus fears; Nasdaq hits another record high close

    U.S. stocks rose on Friday and the Nasdaq posted its sixth record closing high in seven days as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 soothed investor worries over a record rise in coronavirus cases in the United States. Gilead's remdesivir significantly improved clinical recovery and reduced the risk of death in COVID-19 patients, additional data from a late-stage study showed. Although the Nasdaq recorded another record closing high, it underperformed the Dow and S&P 500, in a reversal of the recent trend.

  • US STOCKS-Wall St gains as Gilead data offsets virus fears; Dow leads gains
    Reuters

    US STOCKS-Wall St gains as Gilead data offsets virus fears; Dow leads gains

    U.S. stocks rose on Friday as a positive update from Gilead Sciences Inc's antiviral drug to treat COVID-19 countered nerves over a record rise in coronavirus cases in the United States that threatens to further impact companies. In a reversal of the recent trend, the Dow and S&P 500 were sharply outperforming the Nasdaq, which on Thursday registered its fifth record closing high in six days. Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co and Goldman Sachs rose ahead of their financial results next week, which would mark the onset of the second-quarter earnings season.

  • Reuters

    US STOCKS-S&P 500, Dow edge higher as Gilead data offsets virus concerns

    The S&P 500 and the Dow advanced on Friday as a positive update from Gilead's antiviral drug to treat COVID-19 countered nerves over a record rise in coronavirus cases in the United States that threatens to damage Corporate America. Gilead's remdesivir significantly improved clinical recovery and reduced the risk of death in COVID-19 patients, additional data from a late-stage study showed.

  • US STOCKS-Financials lift S&P 500, Dow despite record U.S. virus cases
    Reuters

    US STOCKS-Financials lift S&P 500, Dow despite record U.S. virus cases

    The S&P 500 and Dow rose in choppy trading on Friday, boosted by financial stocks but the sentiment was fragile as a record rise in coronavirus cases in the United States threatened to further damage Corporate America. Technology stocks weakened, dragging the Nasdaq from its third record closing high this week.

  • Beware a $12 Trillion Pension Revolt Against Low Rates
    Bloomberg

    Beware a $12 Trillion Pension Revolt Against Low Rates

    (Bloomberg Opinion) -- The Federal Reserve’s towering $7 trillion balance sheet looks small in comparison to the U.S. defined-benefit pension industry. With more than $12 trillion of retirement assets across corporate America and state and local governments, these liability-driven investors have enough firepower to move financial markets if they so choose.Their next potential target just might be the world’s biggest bond market.By now, it’s no secret that long-term U.S. Treasury yields are pinned near record lows. Before the coronavirus crisis, 10-year yields never fell below 1.32%, while the 30-year bond bottomed out last year around 1.9%. For almost four months, the 10-year note has traded between 0.54% and 0.95%, while 30-year Treasuries haven’t come close to climbing back to their previous low. All the while, inflation expectations are creeping higher, leaving real inflation-adjusted rates about as negative as they have ever been.For defined-benefit pension managers who are expected to deliver annual returns in the high single digits, this won’t cut it. Bank of America Corp. strategists Ralph Axel and Olivia Lima wrote recently that pension funds and other liability-focused investors such as insurance companies probably won’t buy into the Treasury market until yields rise by “at least” 50 basis points, if not 75 to 100 basis points. In other words, the 10-year rate would have to double and the 30-year would have to breach 2% again.Their thesis stems from a correlation analysis of moves in 10-year yields and the change in Treasury holdings reported in the Fed’s quarterly flow of funds data. When adjusted for the sharp increase in bond prices in the first three months of 2020, Axel and Lima found that both private defined-benefit pension funds and the general accounts of insurance companies reduced their Treasury holdings in the first quarter.Judging by the sharp decline in Treasury Strips — an acronym for Separate Trading of Registered Interest and Principal of Securities — they probably steered clear in the past three months as well. The amount of the ultra-long duration debt outstanding has fallen for four consecutive months, a first since 2012, around the same time real yields hit record lows.Now, even if pensions weren’t buyers of Treasuries in recent months, benchmark yields remained suppressed for the entire second quarter. Credit the Fed’s bond-buying efforts for that: At one point in March, the Fed was buying $75 billion of Treasuries each day. It has since committed to purchasing about $80 billion a month, which, while still a large sum, is nonetheless a pullback and comes as the Treasury Department is widely expected to continue ramping up the size of its auctions to finance the government’s fiscal relief measures.Put together, it would suggest the potential for some fireworks at the long end of the yield curve. Here’s how Bank of America concludes 10-year yields will be back at 1% by the end of the year:The question is who will step up to buy in the second half when we expect coupon supply to be significantly higher than Fed purchases. This leaves a gap in Treasury supply vs. Fed demand that will need to be absorbed by other investors and increases the potential for higher long-end rates, i.e., a bear steepening of the rates curve, unless demand picks up for long duration Treasuries, or the macro outlook deteriorates. Because pension and insurance companies are the main buyers in the long end, this leads to the question of whether LDI demand will be strong enough to keep yields stable as coupon bond supply ramps up for the next several months.The forecast is all the more striking given Bank of America’s history in analyzing defined-benefit pensions. In July 2016, when Treasury yields set record lows, I interviewed Shyam Rajan, then the bank’s head of U.S. rates strategy and now its head of U.S. Treasury trading. With the benchmark 10-year yield at about 1.4%, he reckoned retirement funds might throw in the towel. “As a pension fund, you’ve got to be scared that rates could actually go lower,” he said at the time.Obviously, rates eventually fell below that level but not before gradually climbing through late 2018, when the 10-year yield topped 3% for the first time in seven years. With yields much higher, managers could simply aim to buy enough long-dated bonds to align principal and interest payments with payouts to retirees in a process known as immunization. Now, the funds are known more for risky gambits in alternative strategies — and for being chronically underfunded.As Bank of America’s strategists put it, purchasing Treasuries now only serves to “lock in such large funding gaps and also lock in low rates of return on the bonds.” The latest auction of 10-year notes this week offered a yield of 0.653%, the lowest on record, while a sale of 30-year bonds priced to yield just 1.33%. That’s not going to move the needle for state pension funds that widely assume an annual return of 7% to 8%.Yet even with almost $1 trillion in Treasuries owned among insurance companies and defined-benefit pensions, it’s unclear how much they can steer long-term rates. Thursday’s $19 billion long-bond auction was nothing short of spectacular, with nonprimary dealer buyers taking the second-largest share ever. Some strategists speculated that foreign investors swooped in with hedging costs low relative to recent history.“It seems that investors used this auction as a liquidity opportunity to put on flatteners,” noted Thomas Simons at Jefferies LLC. “There’s no reason to believe the move will subside any time soon as there is clearly a lot of momentum behind it.” For those wagering on a steeper yield curve, this recent jolt just creates a better entry point.For some sense of pensions’ influence, in September 2018, Citigroup Inc. estimated the funds alone reduced the spread between five- and 30-year Treasuries by as much as 32 basis points over 12 months. Even if they could exert similar influence in the opposite direction this time, in a market that has since grown by $4 trillion, that would still fall far short of Bank of America’s threshold.The biggest wild card, as usual, is the Fed itself. Just how far would policy makers allow the U.S. yield curve to steepen before intervening with something like Operation Twist? Judging by their rebuke of negative-rate policy, it seems as if they realize the strains that near-zero yields place on banks, insurers and pensions. So it would stand to reason that they’d be fine with the yield curve from five to 30 years at least steepening by an additional 40 to 50 basis points to align with its 10-year average of roughly 150 basis points and put the long bond right around its 2% inflation target. On the other hand, all it would take is a worsening economic outlook or a sharp drop in the price of risk assets for the central bank to swoop in with another dose of easing. It’s because of the central bank’s heavy hand in the $19.2 trillion Treasury market that I’ve argued typical supply-demand dynamics don’t carry much weight. While I still believe that’s the case, the lack of enthusiastic buying from anyone but the Fed might be enough to tip the scales. As in 2016, pensions have ample reason to fear that rates will move even lower. But at these levels, they’re left with virtually no choice but to revolt and hope for better days ahead.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Investing.com

    Stocks - U.S. Futures Lower; Dow Futures Down 55 Points

    U.S. stocks are set to open lower Friday, amid continuing concerns about the growth of coronavirus cases and its impact on the prospects for economic recovery ahead of the upcoming earnings season. At 7:10 AM ET (1110 GMT), S&P 500 Futures traded 5 points, or 0.2%, lower, Nasdaq Futures down 5 points, or 0.1%. The Dow Futures contract fell 55 points, or 0.2%.

  • Bank of America, N.A. Announces Redemption of Floating Rate Senior Bank Notes, Due July 2021
    Business Wire

    Bank of America, N.A. Announces Redemption of Floating Rate Senior Bank Notes, Due July 2021

    Bank of America, N.A. announced today that it will redeem all $1,500,000,000 principal amount outstanding of its Floating Rate Senior Bank Notes, due July 2021 (CUSIP No. 06050TMN9) (the "Notes"), on July 27, 2020, at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to but excluding the redemption date of July 27, 2020.

  • Bank of America (BAC) Expected to Beat Earnings Estimates: Can the Stock Move Higher?
    Zacks

    Bank of America (BAC) Expected to Beat Earnings Estimates: Can the Stock Move Higher?

    Bank of America (BAC) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Bank of America to Report Second-Quarter 2020 Financial Results on July 16
    Business Wire

    Bank of America to Report Second-Quarter 2020 Financial Results on July 16

    As previously announced, Bank of America will report its second-quarter 2020 financial results on Thursday, July 16. The results will be released at approximately 6:45 a.m. ET, followed by an investor presentation at 8:30 a.m. ET.

  • Investors Bet Against Junk Bonds at Their Peril
    Bloomberg

    Investors Bet Against Junk Bonds at Their Peril

    (Bloomberg Opinion) -- In the past six months, investors across the globe witnessed the world turn upside down. Then, just as suddenly, sweeping coordinated action by central banks and governments left many major financial markets unchanged at worst — and at record highs at best. Just from looking at asset prices, things appear mostly right-sided, even though millions are unemployed, bankruptcies are piling up and new coronavirus outbreaks raise doubts about reopening efforts.After experiencing such a whipsaw, could you blame investors for heading into the second half of 2020 wanting to bet against something? Anything? While it’s still early days, U.S. high-yield corporate bonds are starting to look like the flashpoint for this anxiety. Investors pulled a whopping $5.55 billion from junk debt funds in the week ended July 1, the fourth-biggest outflow ever and the largest in more than two years, according to data compiled by Refinitiv Lipper. An additional $2.6 billion left exchange-traded funds tracking speculative-grade bonds last week, Bloomberg News’s Katherine Greifeld reported. Generally, high-yield pros are chalking this up to individual investors taking profits after the strongest quarter in more than a decade.Some other troubling signs are starting to crop up, however. Traders are taking bearish options positions on the $27.3 billion iShares iBoxx High Yield Corporate Bond ETF (ticker: HYG), with about $2.5 billion in notional put volume changing hands on July 6, the most since June 11. Total call volume, by contrast, slid to the lowest in a month. Whether for hedging or just outright speculation, these wagers would suggest limited upside and potentially large losses ahead.I admit, this is a tempting narrative. Maybe U.S. stocks can keep climbing thanks to the near-invincible large technology companies. Perhaps total returns on investment-grade bonds should be at a record high with the Federal Reserve buying a broad index of the securities and pledging to keep benchmark interest rates near zero for the foreseeable future, pegging borrowing costs at rock-bottom levels for creditworthy companies. But if the world is in for a slow and uneven recovery, what exactly is the case for junk bonds? They’re a natural asset class to show the first signs of skittishness.Indeed, U.S. bonds and loans trading at distressed levels rose for a second consecutive week through July 2, by 5.9% to $369 billion, according to data compiled by Bloomberg. Before that stretch, that figure hadn’t expanded since April. While it’s still a far cry from the peak of $930 billion in March, this week-by-week chart of bankruptcies from Bloomberg’s Josh Saul shows that corporate America’s struggles are far from over:The superlatives are stunning. More airlines sought U.S. bankruptcy protection this year than at any time since the global financial crisis. Energy filings grew at the fastest pace since oil prices collapsed in 2016. More retail companies turned to court protection in the first half of 2020 than in any other comparable period ever, with Brooks Brothers Group Inc. adding to that tally this week and the owner of the brands Ann Taylor and Lane Bryant reportedly soon to follow. Not all of these companies have unsecured bonds on their books, but the pace is nonetheless ominous.Could the past few months have been a Fed-induced head-fake before the real storm? “Sharp corrections are common in highly volatile distressed cycles, and we think the exuberance may mirror spring 2008’s similar two-month window of calm, which didn’t last,” wrote Philip Brendel, a senior credit analyst at Bloomberg Intelligence. “That correction also reveled in Fed largesse as the central bank stood behind JPMorgan’s Bear Stearns acquisition in March 2008.”Hearing comparisons to the global financial crisis might make an investor rush to a new ETF that Tabula Investment Management introduced this week (ticker: TABS), which effectively bets against 100 high-yield bonds by tracking the performance of the CDX North American High Yield Credit Short Index. “Investors need to review their exposure to high-yield U.S. debt and consider strategies for protecting against any rise in defaults,” said Jason Smith, Tabula’s chief investment officer.For individual investors, it’s one thing to take profits after a blockbuster quarter. It’s quite another to make an outright bet against high-yield bonds. There are several reasons to doubt a full-scale collapse is in the offing, starting with the fact that junk-debt issuance reached $58 billion in June, the busiest month ever. That suggests a large swath of companies, particularly those rated double-B like the preponderance of the CDX index, have successfully raised funds to offset any immediate revenue shortfalls, which in turn lowers the stakes for the coming months if mutual-fund withdrawals persist.Moreover, as I’ve noted before, distressed-debt investors have raised tens of billions of dollars for an opportunity to snap up cheap bonds and loans when companies run into trouble. Some already missed out on the biggest bargains in March; it stands to reason that they’ll be more eager to pounce at the first hint of another selloff, or attractive businesses falling on temporary hard times. On top of that, Bank of America Corp. estimates these investors might sell $200 billion of investment-grade securities in the next several months — money that would likely be deployed into riskier securities.This wall of cash alone won’t save every company from bankruptcy, of course. But one reason that Hertz Global Holdings Inc. went bust while Avis Budget Group Inc. hasn’t is because investors lined up in early May to lend Avis $500 million for five years in exchange for a huge 10.5% coupon. Since then, Avis’s longest-dated bonds have rallied to 84 cents on the dollar from 56 cents, while the new securities trade at 114 cents to yield 6.3%, about the same as the Bloomberg Barclays high-yield index. It went from a company on the brink to an average speculative-grade borrower in just two months.This kind of resolution seems more likely than a 2008 redux. Plus, the Fed wasn’t buying corporate debt and ETFs in 2008, nor was Congress so quick to extend lifelines to businesses and individuals alike. By all accounts, we’re living through a unique economic recession and recovery.Investors shouldn’t assume anything about the behavior of speculative-grade debt in this environment. By all means, take some chips off the table if the persistent drip of bankruptcy filings is unnerving. But bet against the broad junk-bond market at your own risk.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bank of America Only Big Bank Participating in Main Street Lending
    Motley Fool

    Bank of America Only Big Bank Participating in Main Street Lending

    Bank of America was also the only bank to be listed as a lender in all 50 states, plus Washington D.C. Beyond Bank of America, only one other top 10 bank, Truist (NYSE: TFC), was on the list of participating banks.