Exodus From Stocks Grows: 'Investors Are Turning Tail'Submitted by emalvini on Wed, 11/28/2012 - 15:37
Exodus From Stocks Grows: 'Investors Are Turning Tail'
By: John Melloy
Executive Producer, Fast Money & Halftime
Published: Tuesday, 27 Nov 2012 | 1:17 PM ET
Fear of the “Fiscal Cliff” is causing the biggest exodus from U.S. stocks [.SPX 1404.56 5.62 (+0.4%) ] this year as investors essentially put their money under the mattress rather than trust Congress to come up with a compromise.
Traders work on the floor of the New York Stock Exchange
U.S. equity stock funds had a net outflow of just over $9 billion in the week ended Nov. 21, the biggest outflow for a single week this year, according to research firm EPFR Global.
The next biggest outflow was during the week ended Oct. 25, as fiscal cliff jitters rattled investors ahead of the election.
“Investors are turning tail because we have the fiscal cliff,” said Cameron Brandt, director of research at EPFR. “There are going to be people cashing in as we head into this period of uncertainty.”
Read more: http://www.cnbc.com/id/49981633