Hedge Funds, Buybacks Drive $2.3 Billion Into Stocks, Bank of America Says
- American equities saw their first inflow in a month last week
- Both institutional and retail clients sold shares in the span
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Investors bought US stocks for the first time in a month last week, with purchases from hedge funds outweighing continued selling from both institutional and retail traders, according to Bank of America Corp.’s client flow data.
American equities lured $2.3 billion in the five-day span, BofA strategists including Jill Carey Hall and Savita Subramanian wrote in a note to clients. The S&P 500 barely budged in that period, and was down about 1% at 12:15 p.m. in New York on Tuesday.