: Bank of America stock slumps to a six-day losing streak in very active trading, amid broad bank sector weakness

Shares of Bank of America Corp. BAC dropped 5.8% in very active trading Monday to the lowest close since November 2020, as the recent collapses of SVB Financial Group’sSIVB Silicon Valley Bank and Signature Bank SBNY led to a broad selloff in the banking sector. Trading volume swelled to 210.5 million shares, which was more than five times the full-day average over the past 30 days of about 40.1 million shares, the most shares traded since the 225.3 million that turned over on Dec. 14, 2016 and enough to make the stock the most actively traded on the New York Stock Exchange. BofA’s stock suffered a sixth-straight decline, the longest losing streak since the seven-day stretch that ended Dec. 9, 2022. The stock has tumbled 16.5% during its current losing streak, the worst six-day performance since it plummeted 25.2% during the six days ended March 23, 2020, at the height of the COVID-19-pandemic panic. Meanwhile, the SPDR S&P Bank exchange-traded fund KBEsank 10% on Monday, with 91 of 96 equity components losing ground, and has tumbled 20% the past three days, while the S&P 500 SPX has shed 3.4% the past three days.

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