NEW YORK (Reuters) – In the face of renewed economic worries, investors in the past week showed less love for U.S. bond funds, which have enjoyed steady inflows this year, data from the Investment Company Institute showed on Wednesday.
Bond funds attracted estimated net inflows of $6.62 billion in the week ended October 24, the least in seven weeks according to data from ICI, a U.S. mutual fund trade organization. The inflows trail those of the previous week by over $2 billion.
Stock funds, meanwhile, had estimated net outflows of $2.49 billion, showing little improvement from the previous week.
The benchmark S&P; 500 fell 3.57 percent over the reporting period amid weaker-than-expected corporate earnings and forecasts from bellwether companies such as Google and Caterpillar and as little progress was made toward resolving Spain’s debt burden.
Hybrid funds, which can invest in stocks and fixed income securities, attracted $1.32 billion in new cash, the most in three weeks.
(Reporting by Sam Forgione; Editing by Dan Grebler)