Economics
Virus Woes Hit $11 Billion Growth Proxy in Record ETF Exodus
- XLI posts $848 million outflow as industrial stocks plunge
- Companies with global exposure at risk if virus spreads: Maley
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The rapid spread of the coronavirus has exchange-traded fund investors souring on industrial companies.
State Street Corp.’s $11.3 billion Industrial Select Sector SPDR Fund, ticker XLI, saw a record outflow of about $848 million on Monday, according to data compiled by Bloomberg. A gauge of S&P 500 manufacturers sank 3% on Tuesday, extending its slide into an eighth day -- the longest since 2011 -- as investors remained on edge over the spread of the coronavirus.