NEW YORK -- U.S. stock mutual funds swelled with new money in the six days ended Christmas Eve, reversing a three-week pullout by investors.
Investors poured $3.56 billion, excluding reinvested dividends, into equity funds in the abbreviated period, according to estimates by AMG Data Services, an Arcata, Calif.-based group that tracks money flows.
The jump in stock mutual fund assets followed three weeks when investors pulled almost $3 billion out of stock funds, AMG said.
AMG's weekly money flow reports are widely watched by Wall Street analysts and traders because they're considered a timely measure of mutual fund money flows. Indeed, AMG's subscribers pay as much as $15,000 to receive the numbers first thing each Friday, as well as other information.
To be sure, the estimates aren't always accurate. Two weeks ago, because of an accounting anomaly at Vanguard Group, AMG inadvertently overstated by $2.6 billion the amount of money that left U.S. equity funds.
Many analysts say the steady inflow of money into mutual funds is a big reason the stock market is up this year.
The Dow has risen 28 percent since Jan. 1.
A record $208 billion poured into stock funds in the first 11 months of 1996, easily eclipsing the previous full-year high of $129.6 billion in 1993, according to the Investment Company Institute.
Pub Date: 12/28/96