As the Dow Jones Industrial Average hit a 5-1/2-year low, equity mutual funds lost $31.8 billion in the week ended Nov. 12, according to data from
With the exception of the second week in November, equity mutual funds have lost assets every single week since July 23, CNNMoney.com reports.
Global equity funds lost $10.5 billion of assets, up markedly from the $140 million withdrawn in the prior week. Bond funds also suffered net redemptions, of $6.3 billion, and hybrid funds lost $2.2 billion.
Although financial experts continue to tell investors to stay the course, and not to lock in losses, a growing number of investors feel they cannot stomach losses any more, one analyst said. The fear gets to them that it will go down even more. The pain gets to them. They say they want out, said Donald Selkin, chief market strategist with
People are fearful of the future and possibly of unemployment, agreed Douglas Roberts, chief investment strategist at
