These stocks could soar during the recovery, Bank of America says

A man walks past the Wall Street Charging Bull in New York, the United States, March 24, 2020.
Wang Ying | Xinhua News Agency | Getty Images

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With data on employment and consumer spending showing that the United States economy may have already bottomed, it is time for a new group of stocks to lead the way, according to Bank of America.

"We expect a cyclical rebound following containment of COVID-19 and an exit from the 'downturn/recession' phase of our Regime Indicator given pent up demand and a resumption of normal economic activity," the note said.