LIVE MARKETS-BofA clients scoop up stocks for second straight week
BAC•ETF demand mirrors stock buying
ETF flows followed a similar pattern. Clients bought growth, value and blend ETFs, with growth funds attracting inflows for the first time in six weeks. Most size categories also saw ETF buying, particularly large-cap, mid-cap and broad-market funds, although small-cap ETFs experienced net outflows.
By sector, investors bought ETFs in nine of the 11 sectors. Technology ETFs led the way, reflecting strong demand for large-cap tech stocks. Energy and materials were the only sector ETF groups to see net outflows.
BofA clients keep buying U.S. stocks
BofA Securities equity and quant strategist Jill Carey Hall said clients kept buying U.S. stocks last week as the S&P 500 .SPX climbed around 1.2%, marking a second straight week of net inflows. Demand was strong in both individual stocks and ETFs, with clients purchasing about $5.1 billion of single stocks—one of the largest weekly totals in BofA's data going back to 2008—and another $1.8 billion of equity ETFs.
