Stock funds worldwide attract $11.5 billion after record outflow: BofA

Posted by Reuters

Share on Facebook

Tweet on Twitter

Fund investors worldwide committed $11.5 billion to stock funds in the week ended Wednesday on reassurance from Federal Reserve chair Janet Yellen that the U.S. economy was on a better track, data from a Bank of America Merrill Lynch Global Research report showed on Friday.

The inflows in the week ended February 12 reversed the prior week’s record cash outflows of $28.3 billion, data from the report, which also cited data from fund-tracking firm EPFR Global, showed.

Funds that specialize in U.S. stocks attracted $7 billion in new cash, reversing the prior week’s record cash outflows of $24 billion. Funds that hold European stocks also garnered demand with inflows of $4 billion, marking their 33rd straight week of inflows.

The inflows into stock funds came after Yellen, in her first public comments as Fed chief on February 11, emphasized continuity in the U.S. central bank’s policy strategy of cutting asset purchases by $10 billion a month….full article