Mutual fund investors must be kicking themselves. For the two business days ended Tuesday, Jan. 2, fund investors pulled an estimated $15.9 billion out of equity mutual funds, according to

Indeed, estimates that equity mutual funds saw their

biggest outflows ever on Tuesday, as mutual fund investors pulled $13.1 billion from the market. The huge outflows could not have come at a worse time, as the Fed eased interest rates on Wednesday, vaulting the stock market to huge gains. The


, in fact, was up more than 14% on Wednesday, its biggest one-day move ever.

U.S. funds saw estimated outflows of $13.14 billion for the two days ended Tuesday; international funds saw estimated outflows of $2.79 billion.

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During the two market days ended Jan. 2, the


fell 9.8%, the


dropped 2.1% and the

S&P 500

slipped 3.8%.