Business News

Investors Dump Stocks

On this last trading day of August, the S&P 500 and Nasdaq are on track for their biggest monthly percentage losses since May of 2012, despite actually gaining ground last week.  The S&P 500 is down about 5% and the Nasdaq is down the same. (CNBC)

US investors pulled $17.8 billion out of stock funds last the week. The outflows from stock funds were the biggest since mid-December of last year. Funds that specialize in US shares bled $11.7 billion, while funds that specialize in foreign shares posted $6.1 billion in outflows to mark their biggest outflows since Jan. 2008. Taxable bond mutual funds bled $4.7 billion. (Thomson Reuters' Lipper)

Someone believes the age of oil is not dead. Warren Buffett's Berkshire Hathaway has disclosed a $4.48 billion stake, or roughly 10.8%, in Phillips 66. (Reuters)

Mark your calendar for potentially market moving news this week.  Wednesday is the ADP private sector employment report and Friday is the big  August government jobs report.  Investors will be mining the numbers for clues on whether the Fed might hike rates at its mid-September meeting or delay to December.

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