March 6, 2019 / 5:38 PM / 3 months ago

U.S. investors continue to chase stock market rally

    By David Randall
    NEW YORK, March 6 (Reuters) - U.S. investors continued to
buy into the stock market rally by sending a net $4 billion into
domestic equity mutual funds and exchange-traded funds in the
week ended Feb. 27th, the largest inflow into the category since
the first full week of January, according to data released
Wednesday by the Investment Company Institute. 
    The move into domestic stocks came at the expense of world
stock funds, which lost a net $2.7 billion in outflows, the
second straight week that the category lost a billion dollars or
more. It was the largest weekly outflow for the category since
the week ended Jan 2. 
    The benchmark S&P 500 stock index is up nearly 11.3 percent
in the year to date after nearly falling into a bear market
during the final quarter of 2018, thanks in part to hopes for a
trade deal between the U.S. and China and signals that the
Federal Reserve will slow its pace of interest rate hikes. 
    Those gains slightly exceed the 9 percent advance in MSCI's
index of world stocks that excludes U.S. shares. 
    Despite the strong stock market gains, investors also
remained bullish on bonds. Fixed-income funds took in a total of
$11.6 billion in net inflows, continuing an 8-week streak of
positive inflows that have netted a total of approximately $76.2
billion into the category. 
    Overall, the Bloomberg Barclays U.S. Aggregate Bond index
has returned slightly more than 1 percent for the year to date,
according to Morningstar data. 
    The following table shows estimated ICI flows for mutual
funds and ETFs (all figures in millions of dollars):
                     2/27/19  2/20/19  2/13/19   2/6/19  1/30/19
 Equity                1,302     -204        6    1,269  -13,645
           Domestic    4,023      965     -155   -2,863  -14,039
           World      -2,721   -1,169      161    4,132      394
 Hybrid                 -774     -858     -880      710     -531
 Bond                 11,679    8,568    9,738   16,091    7,771
           Taxable     9,053    6,096    6,753   13,130    5,824
           Municipa    2,626    2,472    2,985    2,961    1,947
           l                                             
 Commodity              -246     -133     -353     -621      767
 Total                11,962    7,373    8,511   17,449   -5,638
 
 (Reporting by David Randall; Editing by Jennifer Ablan and
Bernadette Baum)
  
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