U.S.-based stock mutual funds reap inflows for fifth week: ICI
NEW YORK (Reuters) - Investors in U.S.-based mutual funds poured $5.77 billion into stock funds in the latest week, their fifth straight week of inflows, data from the Investment Company Institute showed on Wednesday.
The estimated cash gains into stock mutual funds in the week ended February 6 were a decrease from inflows of $8.19 billion the previous week, said ICI, a U.S. mutual fund trade organization.
Investors gave just $683 million to funds that hold U.S. stocks, the least in five weeks. The minor inflows were also a sharp decline from inflows of $3.52 billion the previous week.
Funds that target foreign stocks captured most of the total demand for stock mutual funds with inflows of $5.09 billion.
The benchmark S&P 500 rose 0.7 percent over the period. The momentum of the rally carried over from January, when the index rose 5.1 percent, its best monthly gain since October 2011.
Bond funds, meanwhile, attracted $6 billion in new cash, up from $3.5 billion the previous week. However, the latest inflows were less than those reaped in each of the first three weeks of the year.
Hybrid funds, which can invest in stocks and fixed income securities, had inflows of $2.02 billion in the latest week. That marked a slight decrease from inflows of about $2.65 billion the prior week.
(Reporting by Sam Forgione; Editing by Diane Craft)
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