Bank of America is throwing serious cash at its stock. The firm just launched a $40 billion buyback program, lighting a fuse under its shares, which jumped 1% in late New York trading on Wednesday.

Bank of America's board has authorized a $40 billion common stock repurchase program. The bank said Wednesday the buyback is effective Aug. 1, and will replace its current program that expires that ...

Bank of America is the second largest U.S. bank and the fifth largest financial company by market capitalization.

Bank of America raised its price target for Amazon (NASDAQ:AMZN) shares to $265 from $248 in a note Wednesday, maintaining a Buy rating on the stock.