Fri. Oct 30th, 2020

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Investors pull $25.8 billion from U.S. equity funds

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Investors pulled a massive $25.8 billion out of U.S. equity funds in the week to Wednesday, the third biggest outflow ever from the asset class, BofA’s weekly fund flow report showed on Friday.

Money was sucked out of sectors which have been the main beneficiaries of the rebound in the wake of the Covid19 March crash, said BofA analysts, citing data for the week to Sept. 9 from financial flow tracking firm EPFR.

Technology stock suffered $1 billion of outflows, the largest since June 2019, while U.S. blue chips haemorrhaged $11.6 billion.

The S&P 500 has lost 7.2% so far in September, its first negative monthly performance since March with the Nasdaq pulling back more than 10%.

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