Investors pulled money out of bond funds and invested a net $3.2 billion into U.S. stock mutual funds in the week ending Wednesday, according to AMG Data Services, Reuters reports. With the rise of S&P 500 index this year, it would seem investors are becoming more apt to put their money in stock funds in search of more substantial gains. Stock funds have had inflows for the past four weeks, according to AMG.
AMG reported the following outflows from bond funds for the week: U.S. taxable bond funds had net withdrawals of $666 million, U.S. municipal bond funds had $492 million in outflows, and U.S. junk bond mutual funds had $91 million leaving the funds.
Separate data from Lipper showed that U.S. stock mutual funds took in an estimated $19.5 billion in June, the largest amount since March 2002, when they recorded inflows of $29 billion. Lippers estimated bond inflow was $6.5 billion for the month of June, which is considered the smallest monthly total since October 2002.