Bank of America shares sank to their lowest level since 1984 on swelling fears about lossestied to a bad economy and its acquisition of Merrill Lynch, adding pressure toCEO Kenneth Lewis.
According to Reuters,shares fell 50 cents, or 10.6 percent, to $4.20 after earlier falling to $3.77.The daily drop was the Charlotte, North Carolina-based bank’s sixthstraight. “With eroding capital and weakening balance sheets, investorsare trying to flee,” said Joseph Battipaglia, market strategist at StifelNicolaus & Co. in Yardley, Penn.