In light of the recent U.S. stock market losses, Bank of America saw more buying of equities among its clients during last week’s selloff, and there was a shift in who was buying and what they were buying.
According to Jill Carey Hall, the equity and quant strategist at BofA Global Research, the bank’s clients were net buyers of over 0.5 billion dollars of equities last week, during which the S&P SPX fell 4.6% and the Dow DJIA tumbled 4%. BofA also saw its clients snap up defensive stocks like health care, communication services, tech and utilities companies as the market’s selloff deepened last week. The health care sector also saw the fifth largest inflow in the bank’s weekly history since 2008. It posted inflows for past six weeks after outflows for the majority of this year.