BAC Sets to Turn Around Banks (NYSE: BAC) (NYSE: PNC) (NYSE: WFC)

NEW YORK - Global banks rallied as regulators appear to be loosening discussions on capital requirements a welcome sign for the sagging economy. Separately Bank of America solved an $8.5 billion lawsuit yesterday and shareholders have rallied the stock 5% higher in pre-market trading.

BAC stock has declined under $11 a share for much of the month. Investors have been pricing in utter disaster for the bank. This is despite the fact it is seeing improving metrics.

Another reason the bank is increasing rapidly is a lot of people wait for the bottom on a stock like BAC and any movement off of it will cause investors to think they are missing their chance to buy BAC.