Investors continue to flee stocks

Investors continued to exit the stock market last week, as worries about Europe's ongoing debt problems keep rattling investors.

U.S. stock mutual funds lost $1.5 billion during the week ended June 27, according to the Investment Company Institute. Investors have now withdrawn money from the stock market for 18 of the past 19 weeks.

The latest week's outflows were logged prior to the "breakthrough" deal struck by European leaders aimed at easing the recapitalization of banks. Though the agreement sparked early euphoria in global markets, worries about Europe persist as investors look for more action from the world's central banks.

Since the beginning of the year, investors have pulled nearly $50 billion from U.S. stock mutual funds. By comparison, these 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.

Meanwhile, bond mutual funds took in $4.3 billion in assets. while hybrid funds, which invest in both stocks and bonds, gained $21 million.