Americans are expected to pour billions of dollars into the stock market when stimulus payments begin hitting bank accounts later this week, adding fresh fuel to a retail trading frenzy that has swept Wall Street.
Retail investors are likely to buy almost $3bn worth of equities when the payments, part of Joe Biden’s $1.9tn spending package, are transferred in coming days, according to Vanda Research. That would be around $1.5bn more than the typical daily inflow over the previous month.
“This would represent by far the largest single day of buying from retail ever,” said Eric Liu, head of research at Vanda.
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