Bank of America: Mortgage Rumor Winner

NEW YORK (TheStreet) -- Bank of America led a financial sector rally on Thursday afternoon, with shares rising over 7% to 6.24. Financial names were very strong, amid rumors that President Obama might soon announce a $1 trillion federal program to spur mortgage loan refinancing and prop up the U.S. housing market, along with his reelection campaign. Following another U.S. Labor Department report showing a decline in unemployment claims, with 372,000 initial jobless claims during the week ended Dec. 31, declining 15,000 from the prior week's reading, payroll firm Automatic Data Processing reported that U.S. companies created 325,000 new jobs in December, with much of the growth coming from small and medium sized businesses. ... Click to view a price quote on BAC. Click to research the Banking industry.

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