BofA Says US Stocks Can Avoid Big Drop If Yields Stay Below 5%

-- US stocks can avoid a dire outlook as long as bond yields stay below a historic high of 5%, according to Bank of America Corp. strategist Michael Hartnett.The strategist — among the more bearish voices on Wall Street — said the S&P 500 index can continue to trade above 4,200 points in the near term in such a scenario.

With money market funds still seeing annualized inflows this year at $1.4 trillion, investors need to see an economic contraction as well as rate cuts to “sell cash” and “ignite new bulls,” the strategist said.About $8.2 billion left global stock funds in the week through Oct. 11, while cash funds attracted $16.9 billion and $3.7 billion entered bond funds, according to the note citing EPFR Global

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Russia rolls out currency controls in a bid to revive the ruble, which has cratered against the dollar this year

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