NEW YORK (Reuters) – Investors socked savings away and opted against loading up on U.S. stocks during the latest week, Lipper data for U.S.-based funds showed on Thursday.
Money market funds, designed to hold their cash value even when markets falter, attracted $ 24.6 billion during the week ended Aug 23. The products are on pace for their largest monthly inflows since December 2012, having drawn $ 69 billion already during August, Lipper said.
Stock mutual fund and exchange-traded fund withdrawals were $ 3.4 billion, according to the weekly data.
Investors’ risk-averse shift came as the S&P 500 …