According to the LA Times the public turned tail on stocks last week at a pace not seen since fall, as the market’s continuing slide wore down investor confidence.
U.S. stock mutual funds suffered a net outflow of nearly $5.5 billion in the seven days ended June 8, the Investment Company Institute said Wednesday. That was the biggest net outflow since investors pulled $7.7 billion from the funds in the last week of August.
Fund net cash flows measure new purchases minus redemptions. Domestic funds were seeing net redemptions all through May as the market edged lower, but the outflows were relatively modest, averaging $2 billion a week. The floodgates opened last week as the Dow Jones industrial average headed for its sixth straight weekly loss. The outflows still are small compared with the $4.2 trillion total in domestic stock funds. But….
Find out more at:
http://latimesblogs.latimes.com/money_co/2011/06/stock-mutual-fund-outflows-investors-ici-redemptions-bonds.html
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