Investors pull another $2.7 billion out of stocksAugust 23, 2012: 11:16 AM ET
The retreat from the U.S. stock market continued last week, as investors refrained from making any big bets amid the market's summer doldrums.
Another $2.7 billion was pulled from U.S. stock market mutual funds during the week ended Aug. 15, according to the Investment Company Institute, bringing the 2012 outflow total to more than $69 billion. By comparison, those funds lost in the neighborhood of $40 billion during the first seven months of 2010 and 2011.
While stock mutual funds have been bleeding money, investors have shown a voracious appetite for bonds, which are considered safe haven investments. In fact, bond funds raked in $7.2 billion last week, the most since early April, according to ICI data.
Hybrid funds, which invest in both stocks and bonds, have also been in favor among investors. Hybird funds brought in $949 million last week, the most since early July.