Investors Keep Pulling Money Out of Stocks Funds
Investors took less of their money out of stocks funds over the past week, but the dollars were still making for the exits.
Equity mutual funds saw a net $2.28 billion walk out the door during the week ended Wednesday, according to TrimTabs Investment Research of Santa Rosa, Calif. That was about half as much as the$5.55 billion these funds lost the previous week
¿The outflows in U.S. equity mutual funds is not surprising,¿ said Vincent Deluard, Global Equity Strategist at TrimTabs, ¿given all the gloom around the market and the poor performance of the Dow in the last two to three weeks. What¿s more surprising is that money is moving out of global stocks and emerging markets.¿
The Dow Jones Industrial Average closed at 13,223.93 Wednesday, compared with 13,300.02 on Nov. 7.Investors pulled $3.25 billion out of funds that invest primarily in U.S. stocks, or about half of the $6.26 billion they pulled out the previous week. They added a net $968 million to funds that invest primarily in non-U.S. stocks, up from $711 million the previous week. Bond funds had net redemptions of $216 million, compared with inflows of $120 million during the previous week. Hybrid funds, which invest in stocks and bonds, had net redemptions of $92 million, after pulling in $5 million of new money the previous week.
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