Companies have spent 35% less on stock buybacks in 2020 than at the same point last year, according to Bank of America.
As a result, buybacks from the bank's clients are on pace to fall roughly 90% in the second quarter compared with prior quarters.
The New York Stock Exchange is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease in New York City, April 26, 2020.Stock buybacks are on track for the lowest total on record this quarter, according to Bank of America. As a result, buybacks from the bank's clients — which have generally tracked total S&P 500 buybacks over the past decade — are on pace to fall roughly 90% in the second quarter compared with prior quarters.
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