Investors poured more money into U.S. equity funds this week than at any time since the 2008 financial crisis, the Financial Times said Friday.
The amount placed in U.S. equity funds was the most since June 2008, according to a report by Bank of America Merrill Lynch. Also, over the past week, $19.7 billion was invested in global equity funds, the most for six months.
The value of the benchmark S&P 500 index soared to a record $15 trillion this week, with a record close of 1,689.40 Thursday.
Markets have been buoyed by excellent earnings reports so far this earning season, with banks leading the charge and solidly beating Wall Street expectations. Morgan Stanley (NYSE:MS), Goldman Sachs Group Inc. (NYSE:GS) and JP Morgan Chase & Co. (NYSE:JPM) all reported strong profits recently.
Fears about a reduced pace in stimulus money from the Federal Reserve also seem to have abated, as Federal Reserve Chairman Ben Bernanke reassured investors that any so-called "tapering" is dependent on genuine and sustained economic improvement.
Emerging market debt funds and bond funds have been hit hard, however, as investors look elsewhere for better returns.
Nat Rudarakanchana covers commodities and companies for the International Business Times. He is especially interested in precious metals, the food and drink industry, and...