"Bank of America Corporation is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second-largest bank holding company in the United States by assets.[6] Bank of America serves clients through 5,600 branches and 16,200 ATMs in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average.[7][8][9]
As of 2010, Bank of America is the fifth-largest company in the United States by total revenue,[10] as well as the third-largest non-oil company in the U.S. (after Walmart and General Electric). In 2010, Forbes listed Bank of America as the 3rd biggest company in the world.[11]
The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market.[12]
The company held 12.2% of all bank deposits in the United States as of August 2009,[13] and is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors.[14][15] Bank of America operates in all 50 states of the U.S., the District of Columbia and more than 40 other countries. It has a retail banking footprint that covers approximately 80 percent of the U.S. population and serves approximately 57 million consumer and small business relationships at 5,600 banking centers and 16,200 ATMs.[16]"
The 3-Year Daily ratio chart below shows that BAC has recently begun to outperform the SPX after breaking above and retesting a triangle apex/50/200sma confluence support level. Price is at a confluence of Fibonacci and trendline resistance.
It's one to watch to see if this banking stock leads the financial sector higher (to confirm a "risk-on" rally) and outperforms the SPX in the process.
