Investors ended a 3-week retreat from Wall Street last week by sending nearly $8.6 billion into mutual funds and exchange-traded funds that hold US stocks, according to data released Wednesday by the Investment Company Institute.
The $8.6 billion in inflows was the largest net gain for US stock funds since mid-June and came as China announced tariff exemptions on a basket of US goods, igniting investor hopes that the trade war between the world's two largest economies could be resolved.
Despite last week's gains, US stock funds have lost nearly $89 billion in net outflows since the start of the year. Those losses have come amid a rally that has pushed the benchmark S&P 500 index up nearly 20% year-to-date. Bond funds, meanwhile, brought in slightly more than $13 billion last week, the largest single-week gain since February. Those inflows continued a streak that has swelled the category by nearly $303 billion in assets since the start of the year.
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