Published on 28 Jun 2022 on MarketWatch
Bank of America clients sold last week’s stock-market rally while buying ETFs
Bank of America clients sold the stock-market rally last week but were buying exchange-traded funds across styles in a tough year for equities, according to BofA Global Research.
The bank’s clients were net sellers of U.S. stocks for a third straight week, BofA equity and quant strategists said in a research note dated June 27. They sold as the S&P 500 rallied more than 6% last week, “although outflows were ‘muted,'” the strategists said.