SAN FRANCISCO (Bloomberg News Service) — Charles Schwab Corp., the largest online brokerage, said trading rose 10 percent in July, a sign retail investors who retreated from losses this spring may be returning to the market.
Trades averaged 271,000 a day, up from about 246,000 in June, the San Francisco-based firm reported. The latest figure was up 43 percent from July 1999. Daily mutual fund trades in the broker's OneSource unit grew 17 percent last month to 54,000.
Client assets totaled $936.8 billion, up 36 percent for the past year and 1 percent since June. Included in the sum were $21.3 billion of net new assets brought to Schwab in July. A new mutual-fund clearing unit accounted for $10.8 billion of the new assets, Schwab said.
NASDAQ stock market activity overall surged in March to more than 1.8 billion shares a day and then fell to 1.4 billion shares in May, as the NASDAQ Composite Index's drop made investors more cautious. The index fell 37 percent from March through late May.