Money Fund Assets Soar: Assets of the...
From Times Staff and Wire Reports
Money Fund Assets Soar: Assets of the nation’s 522 money market mutual funds rose by a sharp $6.03 billion as Middle East tensions prompted an exodus of investors from stocks and bonds, the Investment Company Institute said. The rise, to a record $401.94 billion for the week ended Wednesday, followed a revised $1.30-billion increase the previous week. The biggest weekly rise in the funds’ assets--$9.64 billion in the week ended Oct. 21, 1987--came during the stock market collapse as investors sought safe havens for their money.
