Mutual fund investors held resilient in the second quarter of the year, "shrugging off weakness in the labor and housing markets and even ignoring the rising cost of oil and gas," announced Tom Roseen, senior research analyst for Lipper, during the firm's press conference last Tuesday on the quarter's results.

"We saw in the headlines that it was a very bad quarter, the worst quarter for the Dow since 1929, but I think you are going to see that that's not the case for mutual funds," Roseen said. "Certainly for a lot of the big, large-cap and value-oriented funds it was a real dour quarter and a horrible month in May, but if you take a grander look at things, the first two months of the quarter were really, really good."

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