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I think it does make sense to use the stock market, rather than a money market fund, as a short-term parking place for money

But you also need to take into consideration fees. Index funds are mutual funds, so in some accounts you may get hit with a buy fee, whereas MM, frequently that is the designated hold spot, with no fees to move in/out. Number crunch to see if the amount of dollars justifies using the index instead of the MM (I know, it's a pain).
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