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May 07, 2023

Markets Are Climbing a ‘Wall of Worry'

LIVE UPDATES | CONCLUDED Last Updated: Jun. 5, 2023 at 6:22 PM EDT 1 day ago By

LIVE UPDATES | CONCLUDED

Last Updated:

Jun. 5, 2023 at 6:22 PM EDT

1 day ago

By

Akane Otani

, Reporter

(National Park Service/Associated Press)

Stocks may be higher for the year. But investors still seem to be seeing plenty of reasons to be cautious, say Bank of America's analysts.

Bullishness among individual investors has remained at low levels. The share of individuals saying they are pessimistic about the market has exceeded the share of individuals who are optimistic for 13 straight weeks—or since late February—according to data Bank of America analyzed from the American Association of Individual Investors.

"Some investors call this rally hopeful," but the data "suggests a 'wall of worry' rather than a 'slope of hope,'" Bank of America analysts say.