Massachusetts Mutual Life Insurance said 401(k) participants continued to move more of their savings and contributions back into the stock market in the second quarter, evidence of growing confidence in investing.

Thirty-eight percent of participants’ assets were in equities in the second quarter, compared with 31.7% in stable-value options—essentially reversing the 36.3% in stable value and 35.1% in equities in the first quarter.

More than 90% of participants made no changes to their savings rate, and 2.1% actually increased it. Also, only 19% made a change to their asset allocation in the second quarter, versus 25% in the first quarter and 20% in the fourth quarter of 2008.

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