But this time was different. In the U.S., the Dow Jones industrial average rocketed 118 percent over the next four years and reached a record high in March. In Germany, the DAX Index soared 116 percent and hit a record in May. In the U.K., the FTSE 100 index rose 85 percent. Yet small investors mostly sold during that period, an extraordinary vote of no confidence.Americans pulled the most money out over five years â¿¿ $521 billion from stock mutual funds, or 9 percent of their holdings, according to Lipper. But investors in other countries sold an even larger share of their holdings: Germans dumped 13 percent; Italians and French, more than 16 percent each.
AP IMPACT: Families Hoard Cash 5 Yrs After Crisis
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