Bank of America clients have been buying U.S. stocks for four consecutive weeks, with institutional investors posting their largest weekly net purchases since 2020.

Data from Bank of America shows that its clients continued to buy U.S. stocks last week, marking the fourth consecutive week of net buying, despite a 0.6% decline in the S&P 500 Index. Institutional investors were the primary buyers, recording their largest weekly net purchases since December 2020—and the second-highest level since Bank of America began tracking the data in 2008. Retail investors also continued to buy, while hedge funds were net sellers for the third consecutive week. The technology, financial, and industrial sectors attracted the strongest capital inflows, with the industrial sector seeing record demand following months of outflows.