Bank of America shares closed above $12 for the first time since May 2011, as shares of big banks surged on the first trading day after the deal to avoid the fiscal cliff.
The Charlotte banks stock closed at $12.03, up nearly 4 percent. Bank of America perhaps had the most at risk among its peers had a deal not been reached. Analysts with Guggenheim Securities said in November that an impasse could have sent the banks stock price plummeting.
Winston-Salem-based BB&T closed up more than 4 percent, and Wells Fargo gained 2.5 percent. -- Andrew Dunn