BOSTON (AP)- A rising market didn't instill confidence last month, as investors continued to withdraw more from stock mutual funds than they deposited into them.
Industry consultant Strategic Insight reports that investors withdrew a net $7.7 billion from U.S. stock funds in June. That's the biggest monthly flow out of stock funds this year. Through June, net withdrawals total $15 billion.
Stocks gained about 4 percent in June, the market's best month since February.
Although cash flowed out of U.S. stock funds last month, investors deposited a net $5.4 billion into funds investing in foreign stocks.
Strategic Insight said on Thursday that bond funds attracted cash, with more than $15 billion in net deposits. Funds investing in taxable bonds attracted $11 billion, with $4 billion flowing into municipal bond funds.
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