Data: Investment Company Institute; Chart: Andrew Witherspoon/Axios
Thursday's stock market jubilation came in stark contrast to the general malaise that has gripped investors for much of this month.
Driving the news: Money market funds, which are effectively savings accounts, saw their two largest weeks of inflows in history, as investors flooded into the safety of cash, data from the Investment Company Institute shows.
Details: A total of $286 billion was pushed into money market funds in the week ending March 25 — a 7.3% increase over the previous week's total and the largest inflow ever in terms of amount and percentage gain.
- This week's record increase was in comparison to last week (ending March 18), which was a 4.2% increase from the week before and had been the largest weekly percentage gain in history.
- The past three weeks rank as three of the top five largest weeks of inflows to money market funds ever recorded.
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