Bank of America shares climbed more than 1.3% in after-hours trading on Wednesday, following the Charlotte, N.C. lender’s passing of a broad test of the banking systems’ ability to withstand a big market shock. The bank’s passage on Wednesday garnered it approval from the the Federal Reserve to lift its dividend 60% to 12 cents and announce a $12 billion share repurchase plan. All 34 of the financial-service firms tested passed their so-called stress test and received green lights for plans to return capital to shareholders. The exchange-traded Financial Select Sector SPDR ETF , a popular way to invest in the biggest U.S. banks, rose 1.1% in after-hours trade. Check out a live blog of the results from the stress test.
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