Stock Market Today, Sept. 14: Bank of America Slides on Investment Banking Fee Surprise

Bank of America closed at $59.47, down 5.14%. The stock fell after CEO Brian Moynihan told investors to expect a pullback in investment banking fees and trading performance in the third quarter.

Moynihan said fees will decline by at least 10% in its consulting and trading businesses, according to Motley Fool. This weighed on the stock, with trading volume reaching 60.8 million shares, about 86% above its three-month average.

Other diversified banking and financial services rivals also saw declines, with JPMorgan Chase closing at $350.13, down 1.71%, and Wells Fargo ending at $88.71, down 1.75%. The S&P 500 closed at 7,620, down 0.48%, while the Nasdaq Composite finished at 26,186, down 0.56%.

Brief written by urgent.news from Nasdaq Markets, Motley Fool — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.