Closing the Generation Gap in Stocks May Be Market’s Next Act
- Millennials are buying while older investors are selling
- Boomers, Gen X expected to join rally once recovery takes hold
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While frenetic buying by retail investors gets all the press for driving the recovery in stocks, the beachhead established by newly minted Robinhood day traders was always a tenuous one. Now Wall Street is getting excited about a potentially bigger and more powerful force that is led by older Americans with more money.
It’s a case stock bulls are increasingly drawn to after a stellar second quarter fizzled out in a disappointing June. Equity strategists are eying the intentions of a more affluent middle-aged set that remained mostly unmoved by the frenzy that broke out in chatrooms and elsewhere in April and May, scene of the fastest S&P 500 rally in nine decades.