US stocks see 3rd-biggest outflow in history as investors flee tech

A trader reacts as he works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 18, 2020.

  • Extreme times call for extreme moves, Bank of America said on Friday as it detailed investment fund flows in and out of key market sectors.
  • US stocks suffered their third-largest ever outflow of funds, with investors pulling $25.8 billion out of equities in the past week, BofA said.
  • Technology stocks, which have led the market lower since the stock market hit record highs on September 2, suffered their biggest fund flow redemption since June of 2019, according to BofA.
  • The September stock market correction is part of a “topping process,” but don’t expect a big bearish move when the Fed continues to implement easy monetary policies, BofA said.
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