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Expand chart
Data: Investment Company Institute; Chart: Andrew Witherspoon/Axios

The return of bullish sentiment that has driven the stock market to fresh all-time highs hasn't dented the safe-haven appeal of money market funds, which are akin to savings accounts or holding cash.

Why it matters: In fact, data shows investors are still selling equities on an overall basis and moving that money into money market funds.

By the numbers: For the week that ended Dec. 4, $2.37 billion of inflows had gone into MMFs, taking total holdings to nearly $3.6 trillion, data from the Investment Company Institute shows.

  • Money market funds have seen the third-highest annual inflows this year since ICI began keeping track in 1984.
  • This year's inflows trail only 2007 and 2008 when the world was in the throes of the financial crisis.

The intrigue: The flows are happening despite a nearly 25% gain this year for the S&P 500. And even during the market's latest breakout and bull run since September, global and U.S. equity funds have had consistent outflows.

  • Flows into money market funds last week were higher than any weekly fund flows into U.S. equity mutual funds and ETFs since the week ending Oct. 16.
  • U.S. and global equities have seen net outflows in eight of the last 10 weeks, according to ICI's data.

Go deeper: A "wake-up call" to corporate executives

Go deeper

North Carolina Sheriff's deputy fatally shoots Black man

A Black man was fatally shot by a North Carolina sheriff's deputy in Elizabeth City, northeast of Raleigh, on Wednesday, igniting protests in the local community.

Details: Pasquotank County Sheriff Tommy Wooten said at a news briefing the State Bureau of Investigation was investigating the shooting of Andrew Brown Jr., which happened about 8:30 a.m as deputies were serving a search warrant.

Pew: Over 80% of Asian adults say violence against them is increasing

Photo: Spencer Platt/Getty Images

More than 80% of Asian adults say that violence against them is increasing, according to a new Pew Research Center survey.

The big picture: The survey, conducted April 5-11, comes after the recent shootings in Atlanta in which eight people, including six Asian women were killed, as well as a yearlong spike in hate incidents against the Asian American and Pacific Islander (AAPI) community.

China's government tied to new hack attacks targeting U.S. government

A member of the hacking group Red Hacker Alliance monitoring global cyberattacks on his computer at their office in Dongguan, China's southern Guangdong province. Photo: Nicolas Sfouri/AFP via Getty Images

The Chinese Communist Party is believed to be responsible for newly found hack attacks on the U.S. government, businesses and American infrastructure, cybersecurity company Mandiant said Wednesday.

Why it matters: This is the third major cybersecurity breach to hit the U.S. in recent months — including two in March blamed on hackers linked to China's government: one targeting 30,000 U.S. victims, including small businesses and local governments, the other hitting Microsoft.

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