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Byline: Ken Hoover
Investor's Business Daily
Despite a year that turned into the decade's worst for the stock market, investors poured record amounts of money into mutual funds in 2000.
Forget the heady days of 1998 and 1999, when the market enthusiasm focused on things new - the new economy, new issues and new highs on the Nasdaq. In 2000, mutual funds were, more than ever, the place people put their money.
Consider this background: Most market indexes saw doub
le-digit declines during the year. The formerly highflying Nasdaq lost more than half of its value between March 10 and year-end, its worst drop since the bear market of 1973-74.
The average fund lost 2.5% for the year through Dec. 18, according to Morningstar Inc.