Jay Hancock's blog: Bank of America stock hits new low - Economic navigation and sightseeing

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June 23, 2008

Bank of America stock hits new low

Bank of America, which is buying Countrywide Financial, the troubled mortgage company, hit a new, 52-week low today, falling below $26 in intraday trading. This does not suggest that the financial crunch is over, as many claim. The TED spread, Paul Krugman's proxy for underlying financial trauma, is rising again, too.

Posted by Jay Hancock at 3:43 PM | Permalink | Comments (0)

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About Jay Hancock

Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Wednesdays and Fridays.

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