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AS THE DOW WOWS, INVESTORS GO FOR GROWTH

 AS THE DOW WOWS, INVESTORS GO FOR GROWTH
 /ADVANCE/ NEW YORK, April 19 /PRNewswire/ -- As the Dow Jones


industrial average surged to record highs above 3360 over the past three weeks, small investors have poured an estimated $7.5 billion of fresh cash into growth-oriented mutual funds, according to data gathered for Money Magazine's Small Investor Index. That is more than triple the $2 billion added to such funds in the first three weeks of March.
 At Denver's $7.8 billion Janus group of funds, known for its growth- stock bent, $219 million in new cash came in during the first two weeks of April vs. $208 million for the entire month of April 1991. At the 60-fund Vanguard Group in Valley Forge, Pa., sales of the more conservative $5 billion Vanguard Index Trust--500 Portfolio, which is designed to match Standard & Poor's 500-stock index, soared to $109 million in the first two weeks of April from $78 million in the comparable period only one month earlier.
 Experts say much of the cash flooding into stock funds has come from low-yielding bank certificates of deposit. The latest Federal Reserve data show that savers have yanked about $8 billion out of CDs so far in April following $22 billion in March.
 Even at today's high stock prices, many investment pros say the economic outlook is favorable for equities long term. Says William Miller, portfolio manager of the $25 million Keystone America Hartwell Growth Fund: "The '90s are going to be a wonderful decade for growth stocks because low inflation and low interest rates will give investors few other alternatives for substantial growth."
 Last week, the Small Investor Index, which tracks the typical individual's holdings, rose $473 to a record $45,929. Stocks gained $472, while bonds lost $10. CDs and money funds contributed $14.
 This Last Year % Change from a
 Week Week Ago Week Ago Year Ago
 102.12 101.07 93.72 +1.04% +8.96%
 Latest Changes for Each Asset
 % Change from a
 Category Index Week Ago Year Ago
 Stocks:
 NYSE 103.61 +3.86% +10.50%
 ASE/OTC 105.81 +0.86 +16.82
 Equity funds 104.07 +2.49 +10.87
 Bonds:
 Taxable bonds 100.19 -0.32 +10.99
 Municipals 102.16 +0.33 +11.57
 Bond funds 101.10 -0.08 +12.10
 Short-term assets:
 CDs 101.36 +0.08 +5.46
 Cash 101.20 +0.07 +4.64
 Other:
 Real estate 98.27 +0.11 -5.61
 Gold 89.99 -0.91 -7.98
 Dec. 27, 1991 equals 100
 Where Average Small Investors Have Their Money Now
 Current Year Ago Current Year Ago
 NYSE 22.04% 21.94% Bond funds 5.31% 4.29%
 ASE/OTC 6.96 6.93 CDs 16.31 19.51
 Equity funds 5.18 4.02 Cash 23.43 21.76
 Taxable bonds 12.63 13.15 Real estate 0.76 0.77
 Municipals 6.88 7.09 Gold 0.50 0.53
 Sources: Bank Rate Monitor, IBC/Donoghue's Money Fund Report, the Federal Reserve, Investment Company Institute, Lehman Bros., Lipper Analytical Services, Merrill Lynch, Morgan Stanley Capital International, National Association of Real Estate Investment Trusts, Prudential Asset Management, Standard & Poor's, Robert Stanger & Co., World Gold Council.
 -0- 4/20/92
 /NOTE TO EDITORS: This material is also available in printable form from AP GraphicsNet and Access services for graphics and tables (under the file name MoneyIndex) and from PR Newswire for full text./
 /CONTACT: Jordan Goodman of MONEY, 212-522-3618, or Patti Strauss of MONEY public relations, 212-522-2695/ CO: ST: IN: SU: ECO


GK -- NY022 -- 9741 04/17/92 16:26 EDT
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Date:Apr 17, 1992
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