It appears that wealthy investors are rapidly buying U.S. stocks, with inflows reaching 2% of Bank of America's assets under management (AUM) last week—the third-highest on record. This follows a significant outflow of ~1% of AUM the previous week. Such a surge hasn't occurred since September 2022, when inflows hit 6% amid a bear market bottom. Recent activity is also near levels seen in January 2021. High-net-worth individuals are capitalizing on the S&P 500's sharpest 3-week decline since 2020, deploying cash into equities.

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