While stocks are on track to post their best quarter since 2009 and best start to a year in more than two decades, equity funds have failed to attract new money.
This quarter is one for the Wall Street history books — stocks are on track to post their best quarter since 2009 and best start to a year in more than two decades. However, investors shrugged it off.
In fact, investors pulled $5.6 billion from stock funds in the first quarter while pouring $94.2 billion into fixed-income funds, according to Bank of America. Recession fears have been reignited recently, as weak economic data roll on and the bond market is flashing the biggest recession signals since before the financial crisis, driving investors away from risky bets.
Nicholas Colas, co-founder of DataTrek Research, said investors shouldn't buy the comeback, calling this year's rally "a January effect on steroids."
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