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Bank Urges Buying US Momentum Stocks After Dip
22 Jul
Summary
- Bank of America's trading desk advises clients to purchase US momentum stocks.
- Momentum stocks have fallen over 10% from their recent peak.
- The bank believes current prices offer an attractive entry point for investors.
Bank of America Corp.'s trading desk has advised its clients to consider purchasing US momentum stocks. This recommendation comes after a recent period of profit-taking led to a notable decline in the sector.
The bank's proprietary basket of US momentum stocks experienced a downturn, ending the previous week more than 10% below its highest point reached on June 25. Despite this recent dip, Bank of America's trading desk views this as an opportune moment to invest.
This strategic advice suggests a belief that the momentum stocks have reached an attractive price level, potentially poised for a rebound. The firm's outlook implies confidence in the underlying value and future growth prospects of these selected equities.
