The New York Stock Exchange has traders on it.
Spencer Platt is a photographer.
Bank of America said Tuesday that investors took advantage of a recent sell-off in stocks by pushing nearly $7 billion into the market, moves that amounted to the largest in four years.
The investment bank said that its clients were buying stock and exchange-traded funds at the highest level in a year. The buying was the largest since December 2020.
The S&P 500 dropped 1.2% last week on reports that a new strain of coronaviruses was found in South Africa. The news caused concern that health and law officials would order new school and business lock downs, potentially derailing the global economic and financial recovery.
BofA said investors bought stocks in eight of the S&P 500's 11 sectors, led by tech, which was the first inflow since October. During the drop in oil prices, investors continued to buy consumer discretionary and financial stocks.
The defensive health care and utility groups were out of favor.
The bank said that last week's net buying was led by institutional clients.
The S&P 500 has been in rebound mode since last week's slump, with Tuesday's session bringing in gains of more than 2%. On a year-to-date basis, the benchmark was pushing toward a 25% advance.
Business Insider has an original article.
