Stocks Mostly Higher after Bank of America Results

July 21, 2008 8:54:31 AM PDT
Wall Street was mostly higher Monday after Bank of America Corp. posted results that beat expectations, raising hope the credit crisis might be easing for the nation's biggest retail banks. The largest U.S. bank by assets reported that higher investment banking and record revenue helped drive earnings during the second quarter. With BofA's results, four of the nation's five biggest banks have now reported better-than-expected earnings, and that's raising hopes that the financial sector is starting to recover from the year-old credit crisis.

In late morning trading, the Dow Jones industrial average rose 7.33, or 0.06 percent, to 11,503.90.

Broader indexes were also higher. The Standard & Poor's 500 index added 2.89, or 0.23 percent, to 1,263.57; and the Nasdaq composite rose 4.45, or 0.19 percent, to 2,287.23.