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  • Bank of America Corp. (NYSE:BAC): Market Report Tuesday - 04/05/2011

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    Tuesday Apr. 05, 2011 at 10:53 am EST
    Bank of America Corp. (NYSE:BAC): Market Report Tuesday - 04/05/2011
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    On Monday, Bank of America Corp. (NYSE:BAC) disclosed that SEC had sought information from Bank of America Corp (NYSE:BAC) last year about the loan-loss reserves used to repurchase faulty home loans, company filings showed.
    In an exchange of letters, the SEC had also asked the bank to explain its methodology of establishing repurchase reserves.

    Also in a shocking announcement, The Independent Budget Office in New York City said profit for the biggest U.S. banks could fall nearly 30 percent in fiscal 2012 to $14.9 billion.

    The drop is expected to be seen at big banks including Bank of America Corp. (NYSE:BAC), Citigroup Inc. (NYSE:C), Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE:JPM).

    Shares of Bank of America Corp. (NYSE:BAC) are trading at $13.45 above support level of $13.3. Major support levels for Bank of America Corp. (NYSE:BAC) below current price are at $12.48, $11.81 and at $11.2. Resistance levels above current price are at $13.69, $14.1 and at $14.48.

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