A Summer Stampede Into Stocks
EVEN BEFORE FED CHAIRMAN ALAN GREENSPAN told Congress on June 10 that the U.S. is enjoying its best economy in 50 years, small investors were piling back into the market. In the first week of June, some $7.4 billion flowed into U.S. equity mutual funds, vs. $3.2 billion the week before, says research firm Mutual Fund Trim Tabs. "The minute the market seems to stabilize and move up, people put money in," says Trim Tabs research director Carl Wittnebert. The start of the month usually sees strong flows. If June's pace holds up, the total could be $50 billion; May's estimated tally is $13.6 billion, down from April's $26.6 billion.
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