Investors reversed November's outflow in December, putting $1.29 billion of new money into stock funds, according to the Investment Company Institute. In November, stock funds gave up $9.94 billion as markets looked shaky in the wake of the credit crunch and a mixed economic picture.

Thanks to a declining market, December's inflow wasn't enough to prevent a 1.1% decline in stock fund assets. The major indexes were down slightly for December, despite a late-month rally. The S&P 500 dropped the most at 0.86%.

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