Bank of America lists its top stock picks for the second quarter

by | Apr 5, 2023 | Financial

With the start of the second quarter, Bank of America has a new list of short-term ideas for investors seeking clarity amid ongoing market volatility. The firm compiled a list of high-conviction stock recommendations in a note to clients earlier this week. In the note, chief investment strategist Michael Hartnett noted that investors moved a record $508 billion into cash during the first quarter of this year. Stocks rose in the first quarter despite severe turmoil caused by a series of banking crises — including regulators’ shutdown of Silicon Valley Bank and Signature Bank and UBS’ buyout of Credit Suisse — as well as persistent fears of ongoing interest rate hikes and a potentially deeper recession. The S & P 500 rose 7% in the first quarter. The Dow Jones Industrial Average and Nasdaq Composite advanced 0.4% and 16.8%, respectively. It was also the biggest quarterly advance for the Nasdaq since the second quarter of 2020, when it rallied 30.6%. To be sure, the risks shrugged off by the market remain, and could add to volatility in the second quarter. Here are five of the stocks highlighted by Bank of America. Bank of America analysts named UnitedHealth as a key short-term pick, saying it is well-positioned to strengthen through periods of macroeconomic uncertainty due to its …

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