(Reuters) – U.S.-based money-market funds attracted about $28 billion in the week ended Wednesday, their largest weekly inflow since mid-May, as the S&P 500 Index rose above 3,000 for the first time on Wednesday.
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It was money funds’ third consecutive week of cash inflows, with a four-week moving average of $18.8 billion, according to data by Refinitiv’s Lipper.
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The move in safe, conservative money-market funds is notable as the S&P 500 Index and the Dow Jones Industrial Average rose above 3,000 and over 27,000 for the first time, respectively, this week.
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Earlier this year, BlackRock CEO Larry Fink pointed out that mom-and-pop investors were under-invested in equity markets and that the group could put money to work in U.S. stocks if markets continue to rise. “We have a risk of a melt-up, not a meltdown here,” Fink said at the time.
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For the week ended Wednesday, U.S.-based equity funds – which include both mutual funds and exchange-traded funds – attracted just $1 billion in the week, following three weeks of cash withdrawals
Pat Keon, senior research analyst at Lipper, said this week’s inflows stem from “the strength of equity ETFs (Exchange-Traded Funds) with plus-$4.3 billion of inflows, while equity mutual funds saw negative $3.3 billion leave their coffers – the group’s 21st straight week of net outflows.”
The flows into equity ETFs were concentrated in one product, the SPDR S&P 500 ETF, which took in over $3.7 billion, Keon said
“Domestic equity mutual funds were responsible for the lion’s share of the net outflows at negative $2.6 billion,” he said. “This is the continuation of a long-term trend as the group has had 22 straight weeks of net outflows for a total of -$87.1 billion.”
Reporting by Jennifer Ablan; Editing by Susan Thomas