Why Bank Of America (BAC) Shares Are Nosediving Today - Bank of America (NYSE:BAC)

Bank of America Corp BAC shares are trading lower by 5.59% to $30.74 during Thursday’s session. Shares of banks and financial services companies are trading lower amid concerns over rising rates as well as the recent increase in short-term yields.

Additionally, the fallout of Silvergate Capital Corp’s planned liquidation has weighed on banks with crypto exposure.

What Else?

The broader banking sector is also experiencing marked weakness during Thursday’s session amid SVB Financial Group announcing it is seeking over $2 billion in additional funding.

SVB Financial announced plans to offer $1.25 billion of its common stock and $500 million of depositary shares registered as public offerings.

SVB also announced its completion of the plan to sell its available-for-sale securities portfolio, selling $21 billion of securities…Read More

According to data from Benzinga Pro, BAC has a 52-week high of $44.63 and a 52-week low of $29.31.

Posted In: Newswhy it’s moving

Image and article originally from www.benzinga.com. Read the original article here.