Bank of America institutional clients continued to increase their holdings in technology stocks and social media concept stocks last week, while reducing their holdings in financial stocks

Institutional clients of Bank of America have been pouring into the US stock market for the second consecutive week, with the largest increase in holdings seen in technology stocks and social media concept stocks. Last week, the repurchase volume of clients under Bank of America was the third highest in the bank's weekly data records since 2010. This year, 65% of the buybacks announced by S&P 500 companies came from the technology and communication services industry