Mutual Fund Sales Plummet: Net sales (sales...

Mutual Fund Sales Plummet: Net sales (sales minus redemptions) of stock, bond and income mutual funds in February totaled $573 million, down sharply from $1.5 billion in January, the Investment Company Institute reported. The decline reflected a massive shift of funds into money market mutual funds, as investors sought high yields on those funds that recently have averaged 9.46%. Net sales of stock funds in February totaled a negative $56.2 million, further evidence that small investors continue to shun equity markets.