$5 and Falling: Bank of America Stock Crosses a Dangerous Line

More

Bank of America's stock dropped below $5 for the first time since 2009, passing an ominous threshold that could signal further decline in its share price. Some mutual and pension funds will not keep stocks below $5, Halah Touryalai reports at Forbes. Amid the euro crisis and questions about the bank's liability in mortgage lawsuits, investors have sent the stock plunging 66% since this spring.

Monday was not a great day for anybody on Wall Street, but it was a truly terrible day for Bank of America. The company's stock price started a freefall following the latest bad news about Europe's economy at the end of last week and tumbled to its lowest level since the days of the financial crisis on Monday afternoon, dipping below the $5 mark and hovering around $4.90. This is a huge line in the sand," explains The Wall Street Journal's Mark Gongloff. "That makes Bank of America the worst performer in the Dow industrials. But J.P. Morgan isn't far behind, down 2.6 percent."

Read the full story at The Atlantic Wire.

Jump to comments
Presented by

The Atlantic Wire is your authoritative guide to the news and ideas that matter most right now.

Get Today's Top Stories in Your Inbox (preview)

What's the Number One Thing We Could Do to Improve City Life?

A group of journalists, professors, and non-profit leaders predict the future of livable, walkable cities


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Adventures in Legal Weed

Colorado is now well into its first year as the first state to legalize recreational marijuana. How's it going? James Hamblin visits Aspen.

Video

What Makes a Story Great?

The storytellers behind House of CardsandThis American Life reflect on the creative process.

Video

Tracing Sriracha's Origin to Thailand

Ever wonder how the wildly popular hot sauce got its name? It all started in Si Racha.

Video

Where Confiscated Wildlife Ends Up

A government facility outside of Denver houses more than a million products of the illegal wildlife trade, from tigers and bears to bald eagles.

Video

Is Wine Healthy?

James Hamblin prepares to impress his date with knowledge about the health benefits of wine.

Video

The World's Largest Balloon Festival

Nine days, more than 700 balloons, and a whole lot of hot air

Writers

Up
Down

More in Business

Just In