Major Wall Street investors are turning to tech stocks


Bank of America flows data on Friday showed that wealthy Wall Street investors poured a record $ 4.2 billion into big tech stocks last week, as they benefited from a slight decline in Wall Street while retail traders were busy buying stocks like GameStop.

And a group of small retail investors fought a battle with Wall Street professionals last month by buying shares in which hedge funds built heavy city centers. During the conflict, some funds were forced to sell the credit positions they had built into shares to cover losses, causing broader declines in share prices.

Michael Hartnett, chief investment strategist at Bank of America, said large customers in general had clearly bought shares in Facebook, Amazon, Apple, Netflix, Microsoft and Alphabet, which owns Google, which have underperformed the market.

The trading fever of retail investors pushed silver to above $ 30 an ounce for the first time since 2013 before prices fell, and Bank of America said the precious metal attracted record inflows of $ 2.8 billion in the week ending on Wednesday.


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