On Wednesday, Bank of America announced that it has raised more than $25 billion during its current capital plan. The plan was put into action after the stress test by the United States federal government indicated that Bank of America needed to raise $33.9 billion. Of all the banks involved in the stress test, Bank of America was told to raise the most capital.
Of the more than $25 billion that has been raised, $13.5 billion was via a stock offering and $5.9 billion was made exchanging preferred stock into common stock. Additionally, Bank of America has made money by selling …read more

Since May 8th, Bank of America has been selling common stock in a program to raise the money the federal government recommended following the recent stress test. After issuing 1,250,000,000 shares, Bank of America said the average price was almost $11, which brought in proceed of around $13.47 billion.
The stocks were sold utilizing an At-the-Market issuance program.
Said Joe Price, the CFO of Bank of America: “We’re pleased to have this portion of our capital plan completed. This strengthens and diversifies our capital structure.”
The results of the stress test pointed at Bank of America needing to raise nearly $34 billion. That …read more

This has been a good week for the stock market. On Friday, stocks rose once again to put an exclamation point on the week.
The Dow Jones industrial average was up approximately 2% to 8,675.7. The S&P’s 500 index was up nearly 2.5% to 929.2, while NASDAQ was up more than 1% to 22.8. For the week, the Dow Jones rose nearly 4.5%, the S&P rose nearly 6% and NASDAQ rose more than 1%.
The two biggest reasons most stock market experts give for the jump on Friday were the results of the stress test on the banking industry and the …read more