Investors in US-based mutual funds poured over $9 billion into stock funds in the week ended November 6 despite uncertainty over the Federal Reserve's next move, data from the Investment Company Institute showed on Wednesday. The new cash marked the fourth straight week of inflows into stock funds, according to data from ICI, a US mutual fund trade organisation. Demand was up from the previous week, when investors put $7.9 billion in the funds.
The inflows came even as strong US data on manufacturing and Midwestern business activity increased fears that the Fed could begin scaling back its $85 billion in monthly bond buying at its December meeting instead of in early 2014. Funds that hold US stocks attracted $5.4 billion, up from inflows of about $4.3 billion the previous week. The Standard & Poor's 500 stock index rose a modest 0.41 percent over the weekly period.
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