February 27, 2020 / 10:31 PM / in a month

UPDATE 1-U.S. stock funds shed $18.5 billion in week -Lipper

(Adds details of Lipper data, background, byline)

By David Randall

Feb 27 (Reuters) - Investors pulled a net $18.5 billion out of U.S. stock mutual funds and exchange-traded funds in the week ended Wednesday, the largest one-week retreat from the domestic equity market since December, according to Lipper data released Thursday.

The pullback from the U.S. market came amid a multiday stock sell-off due to fears of the spreading coronavirus, known as covid-19, that has pushed the S&P 500 index into the 10% decline from recent highs that defines a correction. The S&P 500 tumbled another 4.4% on Thursday, putting the index on course for its largest weekly drop since the 2008 financial crisis.

Nearly $15.2 billion in outflows came from funds that hold large cap U.S. stocks, which hit record highs as recently as Feb. 19. International equity stocks lost nearly $3 billion in net outflows last week.

Funds that hold safe havens such as gold or provide dividend income were among the few equity categories to post inflows.

U.S.-based taxable bond funds, meanwhile, attracted $2.5 billion, the eighth straight weekly inflow. Money market funds shed $2.6 billion, Lipper data showed. (Editing by Alden Bentley, Chris Reese and Richard Chang)

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