Investors worldwide poured $7.5bn into stock funds in the week ended March 5 on reassuring signs that the United States economy was on firm footing and reduced geopolitical tensions, data from a Bank of America Merrill Lynch Global Research report showed Friday.
Inflows in the week ended Wednesday marked the fourth straight week of new cash into the funds, according to the report, which also cited data from fund tracker EPFR Global.
“People are growing sanguine about global growth,” the head of international portfolio management at RiverFront Investment Group in Richmond, Virginia, Chris Konstantinos, said.
Reuters reported that the net inflows into stock funds showed investors’ conviction that stocks, which hit record highs over the weekly period, could continue to rally on a stronger US economy.
The Standard & Poor’s 500 stock index hit records and rose by 1.6 per cent over the weekly period on some strong US economic data.
It was also helped by comments from Federal Reserve Chair Janet Yellen that cold weather was behind recent weakness in the US economy, and by reduced fears of armed conflict between Russian and Ukraine.
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