U.S. equity funds suffered their biggest performance decline since September 2002, falling 4.02% in the week ended Thursday, according to a research report from Lipper.

Science and technology stocks sunk 6.82%, but few fared better. More than 99% of stock funds dropped for the week, though Lipper called the heavy selling a momentum-induced phenomena rather than investorsÂ’ shifting their values and strategies.

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