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https://reuters.com/article/us-markets-flows-bofa/investors-rush-to-buy-equities-dump-gold-in-vaccine-euphoria-idUSKBN2800ROCiting data from EPFR, the bank said inflows into global stocks in the last two weeks soared to $71.4 billion, the biggest ever. The flows were led by U.S. and emerging market stocks.
Still, investors were not ready to pull the plug on high-flying technology stocks, which saw $2.4 billion inflows last week. BofA said the feedback was “we’re on it (the rotation to value stocks), but we ain’t selling tech”.
Value stocks, typically companies that are more sensitive to economic cycles, have been soaring since Pfizer’s announcement earlier this month of positive data from its vaccine trial, raising hopes of an economic recovery.