Investors slow stock-fund buying: ICI (by Jonathan Burton)
SAN FRANCISCO (MarketWatch) -- Money flows into U.S. stock mutual funds braked sharply in the latest week, while taxable bond funds gathered steam, according to data released Wednesday from the Investment Company Institute, a fund-industry trade group. An estimated $1.5 billion went into domestic stock funds in the five trading days through Feb. 23, versus inflows of $5.2 billion a week earlier. International stock funds, meanwhile, gathered $1 billion versus $1.2 billion in the previous period. Taxable bond funds were the week's big winners, with $4.4 billion of inflows on top of $1.5 billion in new money the week before. U.S. municipal bond funds still are losing support, though at a slower pace: outflows totaled about $556 million, versus an exodus of $1.5 billion a week earlier.