As expected, net new cash flowing into U.S.-based stock mutual funds nearly doubled in October from the previous month, the Investment Company Institute said Monday. The trade group said stock funds attracted $20.4 billion in net new cash, up from a revised $10.8 billion in September. Taxable bond funds and municipal bond funds recorded net outflows of $1.9 billion and $1.6 billion, respectively, in October. The private forecasting service Mutual Fund Trim Tabs estimates $31.4 billion of net flows into stock funds for November, which would be a record. . . . CMGI Inc.'s Internet search service AltaVista Co. said Monday that it will buy closely held financial Web site Raging Bull, adding 1.7 million users to AltaVista. Terms of the stock-for-stock acquisition were not disclosed. CMGI shares, up fivefold in 1999, rose $8.88 on Monday to close at $155.50 on Nasdaq.
Reuters, Bloomberg News