Bank of America: US Stocks Hit Record Highs Amid Largest Net Selling by Clients in 10 Weeks

According to a report by Jinse Finance, data compiled by Bank of America shows that while the S&P 500 Index reached a new high, the U.S. stock market experienced its largest net sell-off in ten weeks. Bank of America strategist Jill Carey Hall noted that the sell-off was primarily led by institutional clients, with hedge funds selling for the second consecutive week and retail clients selling for the first time in six weeks. She stated that clients sold stocks across eight sectors, with industrials and real estate leading the outflows; these two sectors have seen capital outflows for four consecutive weeks.