Bank of America posts large first quarter gain

Bank of America on Friday reported first-quarter 2010 net income of $3.2 billion. Last year, the bank reported a net loss of $194 million for its fourth quarter. 

Strong capital market activity was partly credited for the turnaround, especially on the global market. 

"With each day that passes, the 2010 story appears to be one of continuing credit recovery," said CEO and president Brian Moynihan. 

Last year, Bank of America received $20 billion in federal bailout funds and $118 billion in loan guarantees against toxic assets after it bought Merrill Lynch.