HomeMarket NewsBofA Clients Continue to Buy U.S. Stocks for the Fifth Consecutive Week

BofA Clients Continue to Buy U.S. Stocks for the Fifth Consecutive Week

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Bank of America’s research team reports that, for the fifth consecutive week, BofA clients have continued to buy U.S. equities, injecting $1.5 billion into the markets. This comes amidst a 2.5% increase in the S&P 500 (SP500) during the same period.

The report also reveals that hedge funds were the only net buyers of the week, while institutional clients and retail clients became net sellers for the first time in four and two weeks, respectively.

Regarding stocks, BofA clients showed interest in five out of the 11 S&P sectors, with Communication Services and Consumer Discretionary names being the most popular. Energy and Health Care stocks, on the other hand, experienced significant outflows.

When it comes to exchange-traded funds (ETFs), investors have been net buyers of equity funds for six weeks in a row. They have purchased positions in major styles, including blended, growth, and value names, for the fourth consecutive week. In terms of size, inflows were entirely in large-cap and broad market funds (SPY) (DIA) (QQQ).

From a sector perspective, BofA clients observed outflows in Health Care (NYSEARCA:XLV) (NYSEARCA:VHT) funds, while Consumer Discretionary (NYSEARCA:XLY) (NYSEARCA:VCR) ETFs attracted the most capital.

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