Investors in U.S.-based mutual funds took the most money out of equity funds in six weeks as eurozone leaders discussed plans to alleviate the continent's debt crisis, data from the Investment Company Institute showed on Wednesday.
Equity funds overall saw net outflows of $2.84 billion in the week ended July 3, according to estimated data from ICI, a U.S. mutual fund trade organization. That is the most in net outflows from equity funds funds since the week ended May 23.
The S&P 500 rose 3.2 percent over the reporting period after euro-zone leaders agreed to more funding for the region's struggling banks at a two-day European Union summit in Brussels.
But investors continued to prefer bond funds during the week, and committed $3.38 billion in net new money to the funds, down from the previous week's inflows of $4.32 billion.
Hybrid funds, which can invest in stocks and fixed income securities, saw inflows of $1.13 billion compared to meager inflows of $18 million the previous week.
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