Bank of America Securities said its clients last week bought U.S. equities for the second consecutive week. Clients bought both individual stocks and exchange-traded funds (ETFs), with the former attracting large inflows. The S&P 500 rallied 3.9% last week, hitting the highest level since mid-July.
Style-wise, large, mid, and small-cap stocks all experienced inflows, marking the fourth straight week of inflows for large caps and the third for small and mid-caps, BofA strategists noted.
Hedge funds and institutional clients were net buyers for the second consecutive week, with institutional clients turning net buyers for the first time in three weeks. In contrast, private clients were net sellers for the second week in a row.
BofA’s clients bought stocks across nearly all sectors, with the exception of Energy and Industrials.
The most significant buying activity occurred in the…
