The move allows Bank of America to avoid restrictions on executive pay as it seeks a replacement for retiring Chief Executive Officer Kenneth Lewis. It also signals another major bank has come through the financial crisis on its feet.
After an up and down day, Bank of America shares closed 0.45 percent higher.
As trading ended, the Dow Jones industrial average was down 0.83 percent, 86.53 points, to 10,366.15. The Standard & Poor's 500 shed 9.32 points, 0.84 percent, to 1,099.92. The Nasdaq composite index slid 0.54 percent, 11.89, to 2,173.14.
On the New York Stock Exchange, 1,068 shares advanced and 1,947 declined on a volume of 4.8 billion shares traded.
The benchmark 10-year U.S. Treasury bill fell 17/32 to yield 3.375 percent.
The euro rose to $1.507 from Wednesday's $1.5047. Against the yen, the dollar rose to 88.20 yen from Wednesday's 87.39 yen.
In Japan, the Nikkei 225 index added 3.84 percent, 368.73, to 9,977.67.
In Britain, the FTSE 100 index lost 0.27 percent, 14.39, to 5,313.00.
Celebrity Families of 2014 [PHOTOS]