Bank of America institutional clients sold U.S. stocks for the first time in three weeks
Bank of America clients pulled $4.6 billion from U.S. stocks last week, ending a two-week buying spree as companies slowed share buybacks. Quantitative strategists including Jill Carey Hall wrote in a note to clients on Tuesday that all major client groups, except for corporations, were net sellers, with institutions and hedge funds that bought the previous week leading the liquidation. Technology stocks saw their first withdrawal of funds in three weeks, with the largest outflows among 11 industry groups. Meanwhile, communications services stocks attracted inflows for the 21st consecutive week.
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