US stock fund outflows highest in 5 years
Posted by ecoshift on July 28, 2007
Investors run from mutual funds, sell $5.5 billion in 1 day
U.S. stock fund outflows highest in 5 years
Investors cash out a net $11.3 billion for the week through Thursday, TrimTabs data show.
By Rob Kelley, CNNMoney.com staff writer
July 27 2007: 4:21 PM EDT
NEW YORK (CNNMoney.com) — Mirroring the sell-off in U.S. stocks, this week saw the biggest outflow from U.S. stock mutual funds in five years, according to TrimTabs.
For the week ending Thursday, fund investors cashed out a net of $11.3 billion. The biggest outflow came Tuesday, when investors cashed out a net $5.5 billion, making it the second-highest daily outflow of the year. The highest occurred on Feb. 27, when investors sold a net $6.5 billion worth of U.S.-focused funds following a plunge in the Chinese stock market.
On Thursday, when the Dow tumbled 311 points, the funds saw a net outflow of $4.2 billion.