Stock market investors have poured a record amount of money into US mutual funds and stock market funds in the past week, while the Dow Jones industrial average has surpassed another important milestone and the S&P 500 index has reached also a record.
BofA Global Research said Friday that U.S. equities hit a record $ 56.76 billion a week in the week ending March 17, a sharp rise from $ 16.83 billion a week earlier. The Dow DJIA,
on March 17 closed for the first time over 33,000, while the S&P 500 SPX,
also finished at a historical level.
Read: Dow records the fastest 1,000-point move in history, surpassing 33,000 milestones – that’s what drove there
BOFA Global Research
Meanwhile, Goldman Sachs estimated that net flows into global equity funds reached a record high of $ 68 billion in the week ended March 17, which was the largest in terms of equity capital. December 2014.
The increase was largely due to higher net inflows into the U.S. market, which coincided with the initial distribution of incentive controls of up to $ 1,400 to qualified U.S. citizens as part of the $ 1.9 trillion COVID-19 aid package. Earlier signed by President Joe Biden this month, analysts at Goldman Sachs said in a note Friday.
By March 17, the Treasury had distributed $ 242 billion in incentive checks, or about 60 percent of the total expected.
“These payments may go to mutual funds and ETFs, as well as other assets,” Goldman analysts wrote. “All categories in the industry recorded positive net inflows in the week; the largest net purchases by weight of [asssets under management] they belonged to industries and telecommunications.
Surveys sought to assess how many of the stimulus controls could have reached the market, including through purchases of individual shares and acquisitions of other assets, including bitcoin.
See: Americans ready to sell $ 40 billion in bitcoin and stock market as stimulus checks arrive: poll
Both the S&P 500 and the Dow withdrew from recordings on Wednesday, as continued sales in the Treasury market pushed the yield on the 10-year US Treasury note TMUBMUSD10Y,
up to a 14-month high of 1.75% on Thursday.
BofA said government bond fund flows fell to just $ 60 million from $ 1.18 billion last week amid high rate volatility, while municipalities and mortgages recorded revenues of $ 1.09 billion and $ 300 million, respectively, not far from $ 990 million and $ 470 million. a week earlier.