Investors dump U.S. stocks for 13th straight weekMay 24, 2012: 4:28 PM ET
U.S. stock mutual funds bled $3.5 billion in the week ended May 16, according to the Investment Company Institute, marking the 13th straight week of outflows. Meanwhile, bond funds raked in assets for the 32nd straight week, with more than $7 billion flowing in during the latest week.
With the spotlight on Greece amid growing concerns that the debt-laden country may exit the eurozone, foreign stock funds lost $117 million, marking the first outflow since March.
The losses come as investor fear has reached a fevered pitch. According to CNNMoney's Fear & Greed Index, investor sentiment has been at an "extreme fear" level for the past two weeks.
Since the beginning of the year, investors have pulled more than $41 billion from U.S. stock mutual funds. By comparison, the funds brought in $6.4 billion during the first five months of 2011, and lost just $18 billion during the first five months of 2010.