Bank of America Corp (NYSE: BAC)
Bank of America is having an incredible day in the market today. However, today isn’t the only day we’ve seen gains. In fact, since Donald Trump has been elected as the President of the United States, the stock has been headed skyward. Today, we’ll talk about what we’re seeing from the stock, why, and what we can expect to see from BAC ahead.
What We’re Seeing From BAC
As mentioned above, Bank of America has been having an incredible time in the market since Donald Trump won the United States Presidential Election. Today, the gains that we’ve seen on the stock are continuing in a big way. Currently (12:40), BAC is trading at $19.88 per share after a gain of $0.86 per share or 4.55% thus far today.
Why The Stock Is Gaining
At the end of the day, the fact that Donald Trump has been elected as the president of the United States is big news, and it’s great news for the banking industry as a whole. Think about it, there are several reasons that Donald Trump is a great president for United States banks…
- His First Move – One of, if not the first move that Donald Trump has made as the President-elect of the United States was to reach out to Jamie Dimon and ask him to take the position as the Secretary of the United States Treasury. This is great news for the banking industry as a whole as Jamie Dimon is currently the CEO of JPMorgan and will likely make changes that benefit the banking sector.
- Trump’s Stance On Repatriotizing Money – Donald Trump has made it clear that one of the things he believes is harming the United States economy is the fact that massive companies are outsourcing everything from manufacturing to maintenance. As a result, he has proposed a plan to bring these companies back to the United States. Of course, this would help to increase the cash flow in the US, which would be great for US banks like BAC.
- Republican Economic Views – At the end of the day, Donald Trump has displayed incredibly republican economic views. His plan to reduce taxes, and help to improve economic growth in the states is a great plus for the banking sector as a whole, including BAC.
What I’m Expecting To See Ahead
Moving forward, I have an overwhelmingly bullish opinion of what we can expect to see from Bank of America and others in the banking sector. At the end of the day, if Donald Trump practices what he has been preaching throughout his campaign, just about every move he makes is going to be a positive move for the banking sector as a whole. Now, whether or not Trump will have any follow through is still yet to be determined. However, considering that his first move was reaching out to Jamie Dimon, it’s clear that he has a fine tuned focus on improving US economic conditions. At the end of the day, that’s a great thing for BAC.
What Do You Think?
Where do you think BAC is headed moving forward? Join the discussion in the comments below!