#money #allocate #managers #COVID
State Street’s SPDR S&P 500 ETF Trust (SPY) just added $9.8-B in 1-day, according to our data. That was the most in 1 session since December 2019, and 1 of the $319-B fund’s 3 best days in 10+ yrs.
Progress toward a vaccine for COVID helped spark the move, as investors dived into America’s benchmark stock index as well as some of the most beaten-up sectors of the market.
While the heavyweight tech shares that dominate the S&P 500 fell Monday and Tuesday, nearly 75% of the benchmark’s members finished higher.
Allocators sitting on the sidelines had no choice. Not participating, after the historic vaccine news could be career suicide. There is little doubt that some of the funds recently pulled from NAS Comp-focused funds quickly found a home in the broader, more cyclically based SPY and DIA.
The additions, the money into SPY was more than 10X bigger than the 2nd-largest ETF winner Monday and increased assets by 3.2% to the highest level since February.
Add that to the strong action last week with the market rallying strongly puts the indexes in uncharted territory. They have moved very Fassst in a very short frame.
Have a healthy day, Keep the Faith!
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