The U.S. benchmark S&P 500 stock index will scale new peaks above 3,000 in the s...
LONDON - The U.S. benchmark S&P 500 stock index will scale new peaks above 3,000 in the second quarter before topping out, Bank of America Merrill Lynch said on Friday as data showed more cash was pulled from global equities this week.The forecast was published in the bank’s weekly report on fund flows that showed investors continued to shun U.S. and European equities, pulling $7.7 billion from stocks in the week to April 3 and piled further into bond funds adding $11.4 billion.
Some $7.5 billion was ploughed into investment grade bonds, $1.3 billion into high-yield bonds and $1.3 billion into emerging market debt.Technology was the only equity sector winner with $1 billion inflows, it said. The Philadelphia Semiconductor index hit record highs on Wednesday on hopes that Washington and Beijing are close to resolving their trade spat and bets that the drop in industry demand is close to bottoming out.
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