November’s stock-market rally gets a boost from trend-following funds and company share buybacks

The U.S. stock-market rally this month has gotten a big boost from corporations buying back their shares, and computerized trend-following funds adding to their bullish bets, according to data from Bank of America and UBS Group.

According to the latest report on client fund flows from Bank of America, corporate buybacks last week were the second-highest on record dating back to 2010 as a percentage of the S&P 500’s total market capitalization. Last week also marked the second week in a row that the pace of share buybacks…