Stock Funds See Biggest Return in a Year
U.S. stock funds rose 5.9% last month, their biggest return in a year, led by gains in science, technology and telecom funds, an industry report said.
The increase was in line with October’s 5.8% rise and was the biggest since the 7.5% gain in November 2001, research firm Lipper Inc. said. The Standard & Poor’s 500 index increased 15% during October and November, after declining 29% from January to September.
Value funds, which invest in companies whose assets are worth more than their stock prices, outpaced growth funds, which buy the shares of fast-growing businesses, Lipper said. Value funds increased 6.9% in November, while growth funds rose 5.8%.
Science and technology funds had the biggest returns last month, gaining 17%, Lipper said. Telecommunication funds increased 14%.
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