Shares of Bank of America Corp. soared 3.6% in morning trading on Friday, extending their winning streak to five consecutive sessions. The surge was primarily driven by the release of October jobs data, which sparked hopes that interest rates may have reached their peak.
Pre-Jobs Data Performance
Before the release of the jobs data, BofA's stock saw a modest 0.1% increase in the premarket. However, the subsequent data release served as a catalyst for further gains.
Impressive Winning Streak
Since hitting a three-year low at $25.17 on October 27, BofA's stock has witnessed an impressive run-up of 13.76% during its five-session win streak.
Positive Impact on Peers
BofA's positive performance also had a ripple effect on its peers. JPMorgan Chase & Co. experienced a 1.4% increase in its stock after being relatively stable prior to the data release. Citigroup Inc.'s stock climbed by 3.3%, having been flat before the data, and Wells Fargo & Co. shares rose by 2.9% after initially being up by 0.2%.
Broader Market Impact
The positive reception of the jobs data had a favorable impact on the broader market as well. The S&P 500 gained 0.9%, while the SPDR S&P 500 ETF recorded a decline of 0.1% just before the data release.