Market Watch: BofA says Cash Levels Indicate Recession


As markets struggled for a third straight trading day, (going back to last Friday) a Bank of America-Merrill Lynch Global Fund Manger Survey released today stated:

Fund managers’ cash levels are at their highest in nearly 15 years amid worries over a British exit from the European Union and the possibility that global monetary policy is failing. Allocation to equities hit a four-year low, though commodity allocation reached a 12-month high. Portfolios are at 5.7 percent cash, the highest level since November 2001 and “consistent with recession.”

Read more from CNBC here.

Brexit fears are making investors very nervous as to whether or not voters in the UK will decide on June 23rd to leave the European Union.

Watch more below.

Here are the final numbers from Tuesday, June 14th on Wall Street:

Dow Jones Industrial Average: 17,674.82  (-57.66 / -0.33%)

NASDAQ: 4,843.55 (-4.89/ -0.10%)

S&P 500: 2,075.32  (-3.74/ -0.18%)