U.S.-based stock funds reap record inflow of $14.82 billion: ICI
NEW YORK (Reuters) - Investors in U.S.-based mutual funds poured $14.82 billion into stock funds in the week ended January 9, a record according to weekly data that extends back to the start of 2007, the Investment Company Institute said on Wednesday.
Inflows into funds that focus on U.S. stocks and funds that focus on foreign stocks accounted for the total inflow. Funds that specialize in U.S. stocks stood out with estimated inflows of $8 billion, also the most on record, said ICI, a U.S. mutual fund trade organization.
Funds that focus on foreign stocks attracted inflows of $6.82 billion, the most since April of last year. Bond funds, meanwhile, gained $9.77 billion in new cash, the most since March of last year.
The benchmark S&P 500 index fell a slight .1 percent over the reporting period as news that the U.S. private sector stepped up hiring last month and encouraging data on the U.S. services sector clashed with caution ahead of corporate earnings and concerns over remaining policy talks over the debt ceiling and spending cuts.
Hybrid funds, which can invest in stocks and fixed income securities, had inflows of $2.89 billion over the reporting period, the most since late September of last year.