Mutual Funds Post Best Returns in 5 1/2 Years
May was the best month for U.S. mutual fund investors--in terms of returns--in about 5 1/2 years, according to an industry report. The average U.S. stock and bond fund rose 3.89% last month, according to Micropal Inc., a research group that tracks fund performance. Those were the biggest monthly gains since December 1991, when the average fund gained 4.65%. Stock funds gained an average 8.03% in May, exceeding the 6.08% rise of the Standard & Poor’s 500 index, while the average bond fund rose 1.19%, Micropal reported.
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