Investors pulling money out
as deadline nears
July-29-2011--Growing nervous as a possible government default draws ever closer, more and more ordinary investors are calling their brokers and moving their money out of stocks and mutual funds for fear of a plunge in the market next week.
The stock market declined for a sixth straight day Friday as financial advisers fielded a new round of calls and emails from clients wondering whether to get out or sit tight.
Investors pulled about $32 billion out of money-market mutual funds for the week that ended Wednesday,
That is just a tiny fraction of the $2.6 trillion invested in such funds.
But the exodus appeared to be accelerating at week's end as Tuesday's deadline for reaching an agreement on Capitol Hill drew near.
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