Investors Dumped Record Amount of US Stocks As Prices Crashed: BofA
As US stocks slipped into a 10% correction last week, investors were dumping shares at a record clip.
Global fund managers reduced their allocations to US equities by the most ever between March 7 and 13, according to a Bank of America survey featuring 171 investors overseeing a combined $426 billion in assets.
Bank of America says the rotation out of US stocks into international assets like eurozone, UK, and emerging-market equities was driven by concerns of an economic slowdown.
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