The bullish beginning of 2017 did more than set a sizzling pace for the year — it actually pulled some long-dormant cash off the sidelines.
As the S&P 500 gained 4.7 percent, and bonds managed to stay above water, investors yanked about $75 billion out of low-yielding money market accounts and put it to work, according to data from the Investment Company Institute and TrimTabs. The total represented about 2.7 percent of all assets.
That money accounted for a sizable chunk of the $162 billion that flowed to both stocks and bond funds during the quarter, TrimTabs said.
The money market total is through February, the most recent data available from the ICI.