The Investment Company Institute says mutual funds had their worst redemptions since 2008. Investors pulled $56.2B from funds. While investors were pulling out of mutual funds, they were putting money into ETFs to the tune of $25.2B.
Despite yesterday's record gain, stocks have been on a downward spiral on fears of a slowing global economy and President Donald Trump’s criticism of Federal Reserve Chairman Jerome Powell. The S&P 500 index lost 5.4 percent in the week ended Dec. 19.