The market volatility has sent investors to the exits in droves, Dow Jones reports. In July, investors pulled $4.1 billion from U.S. equity mutual funds, and in August, early projections put net outflows at $9 billion.

“It has been a very volatile market,” said Charles Biderman, chief executive of TrimTabs Investment Research, which announced the August figure.

Although the average U.S. stock fund fell 3% in July, the market rose slightly in August, beginning its upturn since the middle of the month, due to the Federal Reserve’s discount rate cut on Aug. 16, Biderman said. TrimTabs estimates that the average U.S. stock fund has risen 4% since then.

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