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Bank of America to sell China bank stake for $8.3 billion

CHARLOTTE, N.C./HONG KONG (Reuters) – Bank of America Corp is selling about half its stake in China Construction Bank for $8.3 billion, in its latest effort to shed assets and boost capital. A group of investors is buying 13.1 billion CCB shares from Bank of America, with the deal expected to close…

Consumer spending data lifts US stocks more than 2%

US stock markets rallied on Monday as upbeat data on consumer spending lifted hopes that economic growth would pick up speed, while Hurricane Irene caused less damage than feared. The Dow Jones Industrial Average was up 254.71 points (2.26 percent) to close at 11,539.25. The broader S&P 500 surged 33.28 points (2.83…

Spending data lifts U.S. stocks more than 2 percent

NEW YORK — US stock markets rallied on Monday as upbeat data on consumer spending lifted hopes that economic growth would pick up speed, while Hurricane Irene caused less damage than feared. The Dow Jones Industrial Average was up 254.71 points (2.26 percent) to close at 11,539.25. The broader S&P…

Stocks rally on hopes of economic growth

NEW YORK — US stocks surged strongly on Tuesday, boosted by growing hopes the US Federal Reserve will offer new stimulus measures to kick-start a sluggish economy. The Dow Jones Industrial Average packed on 322.11 points (2.97 percent) to finish at 11,176.76. The broader S&P 500 leaped 38.53 points (3.43…

Bank of America stock falls on denial of CCB sale

NEW YORK — Disappointment that Bank of America would not jettison its entire $17 billion stake in a major Chinese bank in order to boost its own capital sent its shares tumbling Tuesday. BofA shares dropped nearly two percent — against an overall rally in stock markets — after news…

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