Bank Of America Corp BAC shares are trading higher by 61 cents (2.6 percent) at $24.49 in Thursday's session.
The catalyst for the rally is positive results from Wednesday's stress test release. As a result, the company is able to raise its quarterly dividend from $0.075 per share to $0.12 per share and institute a $12 billion share buyback plan.
After a much higher open, Bank Of America rallied another 9 cents to $24.67 before reversing course. That high comes in between its March 21 ($24,56) and March 20 ($24.76) highs. The ensuing decline has found support well ahead of the upper-end of Wednesday's range ($23.96), only reaching $24.36.
Since putting that low in place, it has been drifting back towards the highs for the session.
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