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Investors may be better off owning the equal-weighted version of the S&P 500 index in the second half of 2023, after the popular stock-market gauge soared on narrow breadth during the first six months of the year, according to BofA Global Research.
“Extreme bearishness into 2023 led to a big rally” in the first half, said BofA equity and quant strategists led by Savita Subramanian in a note this month. “Despite some improvement in sentiment, Wall St. is still largely cautious on equities, which suggests the pain trade is still…
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