U.S. stock funds draw $2.2 billion in week: Lipper - Metro US

U.S. stock funds draw $2.2 billion in week: Lipper

FILE PHOTO: A picture illustration shows U.S. 100 dollar bank notes

(Reuters) – U.S. equity funds saw inflows of $2.2 billion in the week ended Wednesday, a period when Wall Street indexes hit record highs on optimism that President-elect Joe Biden will be able to push more economic stimulus through a Congress controlled by Democrats.

U.S.-based taxable bond funds drew $9 billion, the fourth straight weekly inflow, while $5.9 billion flowed into money market funds, Lipper data showed on Thursday.

Other significant allocation milestones included the largest weekly inflow into financial/banking sector funds since 2008. The $3.6 billion that moved into financials was the 11th straight inflow and the third largest in Lipper’s records dating to 1992, coming as the S&P 500 financials index reached record highs.

Energy sector funds drew $2.8 billion, which was the third largest inflow on record, as the S&P energy sector index reached its highest level since June.

International equity funds attracted $3.9 billion, the biggest weekly inflow since February 2013, according to Lipper.

(Reporting by Alden Bentley; Editing by Leslie Adler and Jonathan Oatis)

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