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The Dow gained nearly 500 points last week to close at 26,424. It's now just "1.5% shy of its all-time high of 26,828.39, set on Oct. 3, 2018," Barron's notes. The S&P 500 is just 1.3% from its record close, and the Nasdaq is just 2.1% away from a record high.

Why it matters: U.S. stocks have shaken off almost all of their December sell-off, yet banks continue to report that investors are selling, not buying, equities.

  • "Fund flows continue to rotate towards bonds and out of equities. Bonds funds have continued to rake in flows ($11.4 billion this week) across almost every category, while large equity outflows persist (-$7.7 billion this week)," analysts at Deutsche Bank said in a Sunday note to clients.
  • So far in 2019, bond funds have seen almost $150 billion of inflows while equity funds have recorded $50 billion of outflows.

"The persistent outflows despite the strong equity rally are unusual but as we noted last week, have been driven by investors chasing falling yields," Deutsche analysts added.

Yes, but: Data from Lipper also shows money moving out of equities (-$11 billion) and into not just bonds but safe-haven money market funds, which took in $31.6 billion in net new money at the end of March, according to the most recently released report.

The bottom line: Aside from hedge funds, real money has largely been on the sidelines during the equity market's run, a theme that has been in place all year. What seems to really be pushing the stock market higher is corporate buybacks, which are on pace to surpass last year's record total.

  • But buybacks have long been a major part of U.S. stocks' rise. A recent study from researchers at the Abu Dhabi Investment Authority found that from 1997 to 2017, net buybacks explain 80% of the difference in countries’ stock market returns.

Go deeper

Felix Salmon, author of Capital
2 mins ago - Economy & Business

Meme stonks lose their appeal to the world of crypto

Data: Cardify; Chart: Axios Visuals

That sucking sound you hear is the outflow of meme-chasing dollars from the stock market.

Why it matters: The caravan has moved on. The dream of getting rich quick still lives, but today it's more often found in the world of crypto, NFTs or even sports betting than it is in the stock market.

Latinas who brew seek to shake craft beer industry

A server at Mujeres Brew House in San Diego rings up a customer in front of a selection of craft beers. Photo: Russell Contreras/Axios

Independent craft brewers are popping up in cities across the country, and a small but growing number of them are Latina-owned or run by a Latina head brewer.

The big picture: Latinas are opening up independent craft breweries from California to Colorado as Latina-owned small businesses continue to be one of the fastest-growing segments of the economy despite a lack of venture capital.

51 mins ago - Sports

China pulls Celtics games after Enes Kanter criticizes Xi Jinping

Celtics center Enes Kanter. Photo: Jim Michaud/MediaNews Group/Boston Herald via Getty Images

China will no longer stream Boston Celtics games after center Enes Kanter called Chinese President Xi Jinping a "brutal dictator" in a social media post over the Chinese government's repressive policies in Tibet, according to the New York Times.

Why it matters: Kanter's criticism of Beijing has sparked another round of trouble for the NBA in China, one of its largest and most restrictive markets.