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Investors Ignore Banking Crisis
Despite the ongoing banking crisis and the collapse of several lenders, individual investors have been buying beaten-down bank stocks, including Bank of America, with purchases reaching $769 million this year.
Retail traders have also invested in embattled First Republic Bank stock and Credit Suisse Group AG, BNP Paribas SA, and BofA, according to data from eToro. However, investors may have to wait to profit since many bought while shares were still falling. Meanwhile, eToro data show that investors have sold airline and automaker stocks while buying Tesla, Amazon, and Apple.
Despite the bearish sentiment among individual investors, most reported allocating the same amount or more to stocks in the coming months.