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Big US banks climb on Fed stress relief

The Fed’s release of their second round of stress test results has benefited big banks.

Davis Turner/Getty Images/File

The Fed’s release of their second round of stress test results has benefited big banks.

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Investors in Bank of America Corp. celebrated as the bank was among many that unveiled plans for dividends and stock buybacks following the latest round of Federal Reserve stress tests. Bank of America, which operates a large number of branches and ATMs in Massachusetts, said its board approved the repurchase of $5 billion in shares and the redemption of about $5.5 billion in preferred stock. The bank is based in Charlotte, N.C.

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