BOSTON (AP) — Mutual fund investors retreated from stocks in September as the stock market declined. It capped the biggest quarterly withdrawal from stock funds since the financial crisis in late 2008.
Industry consultant Strategic Insight says investors withdrew a net $15 billion from U.S. stock funds in September.
Over the past three months, investors have pulled out nearly $60 billion from U.S. stock funds. That’s the biggest quarterly flow out of stock funds since a net $71 billion was withdrawn in the fourth quarter of 2008.
But investors added new cash to funds investing in bonds, as well as to funds holding foreign stocks.
Stock prices have fallen for five consecutive months. The Standard & Poor’s 500 index declined 7 percent in September.