By The Associated Press
AP IMPACT: Ordinary folks losing faith in stocks
NEW YORK (AP) â¿¿ Andrew Neitlich is the last person you'd expect to be rattled by the stock market.He once worked as a financial analyst picking stocks for a mutual fund. He has huddled with dozens of CEOs in his current career as an executive coach. During the dot-com crash 12 years ago, he kept his wits and did not sell. But he's selling now. Defying decades of investment history, ordinary Americans are selling stocks for a fifth year in a row. The selling has not let up despite unprecedented measures by the Federal Reserve to persuade people to buy and the come-hither allure of a levitating market. Stock prices have doubled from March 2009, their low point during the Great Recession. It's the first time ordinary folks have sold during a sustained bull market since relevant records were first kept during World War II, an examination by The Associated Press has found. The AP analyzed money flowing into and out of stock funds of all kinds, including relatively new exchange-traded funds, which investors like because of their low fees. ___ US consumers lose confidence as fiscal cliff nears WASHINGTON (AP) â¿¿ U.S. consumers peering over the "fiscal cliff" don't like what they see. Fears of sharp tax increases and government spending cuts set to take effect next week sent consumer confidence tumbling in December to its lowest level since August. The Conference Board said Thursday that its consumer confidence index fell for the second straight month in December to 65.1, down from 71.5 in November. ___ Fiscal cliff whipsaws stocks; confidence dims NEW YORK (AP) â¿¿ The "fiscal cliff" took the stock market on a roller coaster Thursday. Small developments in the tense budget standoff yanked stocks back and forth throughout the day.
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