Wall Street frets as ‘unloved’ stock rally powers on GlobeInvestor
and key measures such as unemployment and gross domestic product are giving their worst readings since the Great Depression.
Sixty-eight percent of fund managers believe Wall Street’s recent rally is a temporary bounce within a broader downturn, according to a recent survey by Bank of America Global Research. Cash levels among institutional investors stand at 5.7 per cent, compared to a 10-year average of 4.7 per cent, the survey showed.
Non-professional investors are also wary. While retail brokerages have seen a recent spike in new accounts, TD Ameritrade’s Investor Movement Index, which tracks the sentiment of its customers based on their trades, in April touched an eight-year low. “The rally is unloved,” analysts at Goldman Sachs said in a note to clients earlier this month. Investors have “expressed varying degrees of concern about how swiftly the market rebounded from its low, the current level of valuation, and the forward return potential.”
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