(Reuters) - U.S. equity funds received their first weekly inflow in ten weeks in the week to May 31 on optimism that lawmakers would agree to raise the nation's debt limit to avert a default.
According to Refinitiv Lipper data, U.S. equity funds received a net $1.22 billion in their first weekly inflow since March 22.
U.S. growth funds obtained $2.24 billion worth of inflows after nine weekly outflows in a row, but value funds had $1.34 billion worth of net selling.
By sector, tech and consumer discretionary sector funds drew $1.18 billion and $160 million worth of inflows, respectively, but investors exited consumer staples to the turn of $692 million.
Meanwhile, U.S. investors remained heavy buyers of money market funds for a sixth straight week as their weekly purchases amounted a net $27.56 billion.
On the other hand, U.S. bond funds received $1.79 billion in a fifth successive week of net purchases.
U.S. government, and short/intermediate investment-grade funds received $1.99 billion and $2.33 billion, respectively in inflows, while high yield, and inflation protected funds had outflows of $1.26 billion and $581 million, respectively.