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Market Extra: ‘How is this possible?’ Analysts puzzle over stock market’s rally amid equity-fund exodus

U.S. stocks at the end of March posted their best quarter in nearly a decade, but they did so without help from investors in U.S. stock mutual funds and exchange-traded funds, which have seen sizable outflows since the start of the year, according to data from Lipper and EPFR global.

For the quarter, the S&P 500 SPX, +0.46% rose 14%, and added another 1.9% so far this month, putting the broad-market index just 1.3% shy of its Sept. 20 record, even as U.S. equity funds posted outflows of $39.1 billion, according to a Bank of America analysis of EPFR data.

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