Equity mutual funds appear to have continued gaining new money in April, according to two mutual fund research firms. Equity funds experienced net inflows of roughly $14.9 billion last month according to Lipper. Meanwhile, Strategic Insight estimated that April's equity fund inflows reached $21 billion. That follows a very strong March, when equity inflows reached $29.28 billion, the highest total since April 2000, according to the Investment Company Institute.

"By their actions, equity fund investors continue to display a much greater level of personal optimism that is shared among professional money managers and business executives," said Avi Nachmany, Strategic Insight's director of research. "Our customers are telling us that they feel safe to go in the water again."

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