From Newsmax

U.S. healthcare exchange traded funds (ETFs) have led inflows in November, bolstered by the progress in development of coronavirus vaccines.

Data from Morningstar showed U.S. healthcare ETFs have lured $1.7 billion in the first two weeks of this month after witnessing outflows in the past three months.

The news that Pfizer (PFE) and German partner BioNTech SE’s (BNTX) experimental COVID-19 vaccine was more than 90% effective based on initial trial results lifted healthcare stocks last week.

However, increasing COVID-19 cases and proposals for new lockdowns in the United States have tempered some market optimism and prompted investors to look for safer stocks.

U.S tech stocks attracted $1.2 billion in the first two weeks of this month, as they have performed well during the period of previous economic shutdowns.

“With COVID-19 case counts rising sharply amid the cold weather, there is sentiment in some circles that economic activity in the near term could take a hit, especially with a new wave of shutdowns being proposed with each passing day,” said Jeff Weniger, director of asset allocation at WisdomTree Investments.

“Those concerns tend to witness capital flowing in the direction of tech stocks, which are the primary beneficiaries when the market is in a mood for a disinflationary and stagnant economic backdrop.”

Industrials, consumer discretionary and energy sectors also attracted inflows this month, data showed.

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