A mid-month rally on Wall Street prompted investors to sock a net $3 billion into mutual funds in October, but the gains were largely dismissed as modest and analysts suspect investors will continue to shy away from equities for months to come, according to a report issued last week by Lipper.

The inflows were driven primarily by the best one-month gain on the Dow Jones Industrial Average since January of 1987. Still, investors, who are weathering the longest bear market in 60 years, have been draining assets from funds for months. In July, for example, stock funds suffered record outflows of $52.6 billion, and analysts said October’s market gains were simply not enough to lure investors back.

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