6 November
Record purchases of US stocks by retail traders reversed S&P 500's decline — JPMorgan
As JPMorgan Chase & Co. notes, retail investors bought a net $4.1 billion in American stocks on Monday, reversing a 1% decline in the S&P 500 triggered by Moody's US credit rating downgrade last week.
On Monday, the S&P 500 fell by almost 1.1% in early trading, but by midday it had recovered and was in the green. According to JPMorgan data, retail traders accounted for roughly 36% of all transactions, surpassing April's record high.
Wall Street strategists largely dismissed Moody's rating downgrade, advising clients to continue buying American companies’ equities as the temporary US-China truce has reduced recession risks. HSBC Holdings Plc. analysts say any fall in risk assets should be seen as a portfolio diversification opportunity.
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