BlackRock upgrades U.S. equities, says investors should favor these areas of the market

Traders work the floor of the New York Stock Exchange.

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While a number of firms are turning cautious as Covid-19 cases rise across the country, BlackRock on Monday upgraded U.S. equities to overweight, saying investors should look through near-term market volatility.

The firm said it expects the market to benefit from "structural growth trends and a potential cyclical upswing during 2021" amid positive developments on the coronavirus-vaccine front.