Mutual funds continue to attract cash in April
BOSTON (AP) — Mutual funds continued to attract cash in April, although the pace slowed from the record amount that flowed in during the first three months of the year.
Fund industry consultant Strategic Insight said on Tuesday that a net $39 billion was deposited into stock funds and bond funds during April. The first quarter total was $193 billion, topping a record set in early 2007.
Deposits into stock funds have helped push market indexes to record highs this year.
The April total includes $9 billion added to U.S. stock funds. It's the fourth month in a row that deposits have exceeded withdrawals. Before January, investors pulled cash from U.S. stock funds 10 consecutive months.
In April, funds investing in foreign stocks attracted $10 billion, while bond funds drew $20 billion.