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NEW YORK, Aug 26: Investors pulled a record $49 billion from US stock mutual funds in July as all major stock indicators fell sharply, fund data and research firm Lipper Inc. said on Monday.
The monthly net redemptions from stock funds were the largest on record in dollar terms, topping the $30 billion in net withdrawals in September 2001, when the Sept. 11 attacks spooked investors.
Fund investors have been walloped this year by steep declines in their stock portfolios, adding to losses last year and in 2000. The average diversified US stock fund fell 9.4 per cent last month, spurring frustrated investors to cash out of funds.—Reuters
