The summer selloff in financial markets hasn’t derailed investor appetite for US stocks, which recorded a seventh straight week of inflows, according to a note from Bank of America Corp.
About $5.5 billion went into US equity funds in the week through Aug. 14, the note said citing EPFR Global data. Global stocks attracted $11.5 billion, extending the streak of inflows to 17 weeks. Money market funds, bonds and gold also saw additions.
US equities are recovering after sliding since mid-July on worries about a recession. Recent economic data showing stronger-than-expected retail sales and a slower-than-feared cooling in the labor market have eased growth concerns, while bets on a Federal Reserve rate cut in September remain intact.
The S&P 500 Index and the technology-heavy Nasdaq 100 are set for their biggest weekly gains since November.
That’s an abrupt change in the trajectory of the Nasdaq 100, which had slipped into a technical correction in early August. Still, tech funds have seen inflows for the past seven weeks, the note from Bank of America said.
Optimism is also returning to Europe, where equity funds recorded their first inflow in 13 weeks at $100 million.
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