BofA up on fiscal cliff talks

Investor's Business Daily

Bank Of America (BAC) shares climbed to their highest level in 15 months, leading other financial stocks higher amid apparent progress on talks to avert the fiscal cliff. Shares closed 4% higher at 11. Speaker John Boehner offered $1 tril in higher taxes revenue over 10 years and an increase on the top marginal income tax rate for people making $1 mil per year. Pres. Obama wants higher rates applied on applied to Americans making more than $250,000 a year. Citigroup (NYSE:C)shares rose 4.1%, JPMorgan Chase (JPM) 1.6% and Wells Fargo (WFC) 3.7%.

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