Tuesday, August 4, 2009

Maybe It Should Be The Bank of America Stock Exchange

Themis Trading’s Joe Saluzzi reports trading volume in Bank of America Corp. shares made up 17% of New York Stock Exchange composite volume Wednesday.

The Charlotte, N.C.-based bank, which issued more than $13 billion in new stock late Tuesday, traded more than 1 billion shares. Overall, financial stocks including B. of A., Citigroup Inc., Wells Fargo Corp., J.P. Morgan Chase & Co. and some exchange-traded financial funds, represented 39% of NYSE composite volume, Saluzzi said.

B. of A. also topped the list for Selling on Strength, which tracks stocks that rose in price but had the largest outflow of money .

As noted in this earlier post, financial stocks ended up leading the markets lower after word came from the Fed that central bank officials expressed increased pessimism about the economy late last month.

Shares of Bank of America rose 3 cents to $11.52.

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