June 18, 2020 / 7:59 PM / 21 days ago

UPDATE 1-US stock funds shed $20.3 billion during latest week - Lipper

(Adds details, background)

June 18 (Reuters) - U.S. stock funds shed $20.3 billion in the week ended Wednesday that included a sharp pullback from the rally off the lows hit in March during the worst of the global coronavirus panic, according to Lipper data.

The outflow was the biggest since the week ended Dec. 18 and the sixth largest in Lipper's database dating back to 1992.

At the same time, U.S.-based taxable bond funds attracted $5.1 billion, the 10th straight weekly inflow, while money market funds shed $35.8 billion, the largest weekly outflow in 14 months, the Lipper data showed.

A week ago, Wall Street suffered one of its worst sell-offs since markets crashed in mid-March, while safe-haven assets like U.S. Treasury debt rose, after the Federal Reserve's sobering outlook cast doubt on hopes for a V-shaped recovery from the economic impact of the COVID-19 pandemic.

U.S. Treasuries rallied after the Fed signaled it plans years of extraordinary support to counter the economic fallout from a still spreading pandemic.

Stocks have since stabilized as hopes for a quick return to growth improved, but the benchmark S&P 500 index remains below last week's peak. (Reporting by Alden Bentley Editing by Chris Reese and Jonathan Oatis)

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