Record S&P 500 Failing to Stem Steadiest Fund Outflow Since 2009
- Biggest U.S. stock ETF on pace for fourth month of withdrawals
- S&P 500, Nasdaq end week higher on utlility, tech gains
Pedestrians pass in front of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, June 9, 2017. U.S. stocks reached intraday records and the dollar rose, but the British pound tumbled as the U.K.'s ruling Conservative Party lost its parliamentary majority, plunging the country into uncertainty just days before Brexit negotiations were due to start.
Photographer: Michael Nagle/BloombergEven as the S&P 500 Index clawed its way to a fresh record and squeezed out a third consecutive weekly gain, signs of fading enthusiasm in U.S. stocks have become increasingly difficult to ignore.
The latest can be seen in the SPDR S&P 500 Trust, the biggest exchange-traded fund tracking the U.S. equity benchmark. As of Thursday, investors had pulled $3.8 billion out of it in July. That puts the fund on pace for a fourth consecutive monthly outflow, which would be the longest streak since the start of the bull rally in 2009.