Investors Add Most to Money-Market Funds in Almost Two Years
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U.S. investors added more money to money-market mutual funds in November than they have in almost two years as they took out cash from stock and bond funds in a period of rising interest rates.
Money funds attracted a net $24.7 billion, the most since January 2009, Chicago-based Morningstar Inc. said today in a report. Investors pulled $1.9 billion from stock funds and $1.5 billion from bond funds, led by $7.6 billion in withdrawals from municipal-bond funds.