Business & Finance
BofA Equities Traders Say Buy Momentum Stocks, Eyeing 5% Gain
Key Points
BofA Equities Traders Say Buy Momentum Stocks, Eyeing 5% Gain Bank of America Corp.’s trading desk is urging clients to buy US momentum stocks, betting that the group has reached an attractive price level after a bout of profit taking. The bank’s basket of US momentum stocks ended last week down more than 10% from its June 25 peak following a tumble during which investors cut exposure and systematic strategies took profits. That drop put the gauge on track for its second-worst July in a decade.
BofA Equities Traders Say Buy Momentum Stocks, Eyeing 5% Gain
Bank of America Corp.’s trading desk is urging clients to buy US momentum stocks, betting that the group has reached an attractive price level after a bout of profit taking.
The bank’s basket of US momentum stocks ended last week down more than 10% from its June 25 peak following a tumble during which investors cut exposure and systematic strategies took profits. That drop put the gauge on track for its second-worst July in a decade.