Bank of America shares plunged 20% Monday, fueled in part by a steep selloff in the broader market and news that insurer American International Group is suing it for billions of dollars over alleged mortgage securities fraud.
Bank of America (BAC, Fortune 500), the nation's largest bank, tumbled more than 20% while shares of AIG (AIG, Fortune 500) fell 10% on Monday. Bank of America has already lost nearly 49% of its value this year, while AIG has tumbled more than 59%...
Standard and Poor’s has just announced its downgrading of Fannie Mae and Freddie Mac — the latest fallout from Friday’s national credit downgrade.
Bank of America stock is down 9.42% on the session. The Dow Jones is trading down nearly 300 points. S&P 500 down 3.14%. Nasdaq is down 3.34%. Gold is trading at $1,703 per ounce.
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