(Bloomberg) -- Hedge funds led the latest rush out of stocks, with selling from BofAML clients reaching a record high.
As the S&P 500 suffered the worst decline in two years last week, clients from pension funds to wealthy individuals were all net sellers, BofAML strategists Jill Carey and Savita Subramanian wrote in a note. Their total disposal reached $3.6 billion, the highest level since early June 2016, two weeks before Britain's vote to leave the European Union.
While investor selling picked up, a key support for this bull market, companies themselves, didn't step up buying. In fact, corporate buybacks fell from the previous week as more companies started reporting results, an event that typically ushers in a blackout period that restricts share repurchases.
To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net.
To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Jeremy Herron, Brendan Walsh
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