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A better way to bet on the stock market right now, according to Bank of America

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Savita Subramanian, the firm's head of U.S. equity and quantitative strategy, says valuations for the S&P 500 Equal Weight Index are compelling.

There's a better way to put money to work in the stock market right now, according to Bank of America. Savita Subramanian, head of U.S. equity and quantitative strategy at the firm, recommends investing in the equal-weighted S & P 500 rather than the capitalization-weighted S & P 500 index now, saying valuations are more compelling there. The S & P 500 is higher by more than 14% this year, even after the recent volatility.

SPXEW YTD mountain S & P 500 Equal Weight The strategist expects that the equal-weighted benchmark may prove a means of capturing a broadening out in stock performance from the mega-caps that dominated this year's early rally, especially as she anticipates that earnings — not price-to-earnings multiples — will be the "primary driver" of returns going forward.

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