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.
Copyright Bloomberg News
Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing
Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.
New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.
Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.
How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
