NEW YORK, NY / ACCESSWIRE / September 19, 2017 / U.S. markets reached record highs Monday as financial stocks rallied with the latest Federal Reserve meeting on the horizon. The Dow Jones Industrial Average gained 0.28 percent to close at a record 22,331.35, its 5th consecutive record close and the 40th of 2017, while the S&P 500 Index rose 0.15 percent to close at a record 2,503.87. The NASDAQ Composite Index increased 0.10 percent to close at 6,454.64. Rising Treasury yields provided a boost to the financial sector. On Monday, the Financial Select Sector SPDR Fund jumped 1.17 percent. Investors appear to be eagerly awaiting details on monetary policy from the Fed meeting, which begins on Tuesday.

"There's momentum in the market. There's lots of cash. Even though the Fed's about to reduce their balance sheet, you continue to have an incredibly aggressive monetary policy. That continues to lead to money flowing into the market almost in an indiscriminate fashion," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco, according to Reuters.

RDI Initiates Coverage on:

Bank of America Corporation
https://rdinvesting.com/news/?ticker=BAC

Citigroup Inc.
https://rdinvesting.com/news/?ticker=C

Bank of America's stock moved 1.31% higher Monday, to close the day at $24.70. The stock recorded a trading volume of 68,052,509 shares, which was below its three months average volume of 69,537,904 shares. In the last year, Bank of America's shares have traded in a range of 14.81 - 25.80. The share price has gained 66.78% from its 52 week low. The company's shares are currently trading above their 200-day moving average. Moreover, the stock's 50-day moving average of $24.00 is greater than its 200-day moving average of $23.82. Shares of the company are trading at a Price to Earnings ratio of 14.71. Shares of Bank of America have gained approximately 11.76 percent year-to-date.

Access RDI's Bank of America Corporation Research Report at:
https://rdinvesting.com/news/?ticker=BAC

On Monday, shares in Citigroup recorded a trading volume of 18,024,516 shares, which was above the three months average volume of 16,462,900 shares. The stock ended the day 2.26% higher at 70.60. The share price has gained 56.33% from its 52-week low with a 52-week trading range of 45.16 - 70.93.The company's shares are currently trading above their 200-day moving average. Moreover, the stock's 50-day moving average of $67.87 is greater than its 200-day moving average of $63.51. Shares of Citigroup are trading at a Price to Earnings ratio of 14.13. Shares of Citigroup have gained approximately 18.8 percent year-to-date.

Access RDI's Citigroup Inc. Research Report at:
https://rdinvesting.com/news/?ticker=C

Our Actionable Research on Bank of America Corporation (NYSE:BAC) and Citigroup Inc. (NYSE:C) can be downloaded free of charge at Research Driven Investing.

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