(Reuters) - The final days of the best quarter for the
benchmark S&P 500 since 1998 were not enough to keep investors from pulling
$4.6 billion out of U.S.-based stock funds in the week that ended Wednesday,
according to Lipper data released on Thursday.
The S&P 500 500 rebounded from its stark drop in the
first quarter to rally nearly 20% between April and June. The pace of gains has
slowed over the last two weeks, however, as states including Florida and Texas
have posted a series of new record highs for coronavirus infections. The United
States posted its largest one-day spike on record on Wednesday.
For the year to date, the S&P 500 is now down 2.9% after
hitting record highs in late February.
Fears of a second wave of infections helped boost taxable
bond funds, which attracted $5.6 billion last week. The category has now
garnered 12 straight weeks of inflows, helping push the yields of U.S.
Treasuries near historic lows.
U.S. money market funds, meanwhile, lost $28 billion in the
week, the seventh straight weekly outflow.
Reporting by Alden Bentley; editing by Jonathan Oatis
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