U.S. stock mutual funds attracted a net $19.5 billion last month, the largest sum since March 2002, according to estimates from mutual fund research firm Lipper Inc.
The funds attracted more money in June as the stock market advanced. Major market indexes in the second quarter posted their biggest gains since the final quarter of 1998.
Meanwhile, as bond yields fell in June to generational lows, more investors balked at buying bond funds. Net inflows to bond funds fell to $6.5 billion, the smallest monthly addition since October 2002, Lipper estimated.