Bank of America says this is a 'bear market rally, not a real bull'

People with umbrellas pass by bull and bear outside Frankfurt's stock exchange during heavy rain in Frankfurt, Germany.
Kai Pfaffenbach | Reuters

(This story is for CNBC Pro subscribers only.)

The market comeback is too narrow for this to be the start of a real bull market, according to Bank of America.

The Wall Street firm said the current market rebound is a "bear market rally, not a real bull" until distressed equities rally alongside beloved stocks. 

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