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Stock Funds Took It On Nose In Sept.; Fixed-Income Shines; As stocks hit low, a bond manager is troubled by fixed-income euphoria.(MUTUAL FUNDS)
Byline: KEN HOOVER
Stocks staggered to new lows in September, dragging stock funds down with them, as the longest and the most severe bear market since the 1930s dragged into its 30th month.
Aside from the extraordinary performance of bear funds, which go up when the market goes down, fixed-income and gold were the places to be for the third quarter. But even gold stumbled in September.
Not only U.S. markets slumped. Europe and most of the world went to lows not seen since the mid-1990s. Japan, which has been in a 13-year bear market, showed a flicker of life early in the month, then rolled over.
The Dow industrials lost 1,071.5 points, or 14%, for the month. The S&P 500 lost 11%. The Dow and the Nasdaq composite touched new lows for the bear market. The Dow's intraday low of 7461 was 37% off it Jan. 14, 2000, all-time high. For the Nasdaq, it was down 77% since March 10, 2000, when it hit its all-time high.
Small and big cap, growth and value -- they were all hammered in September. U.S. diversified stock funds were down 5.56% for the month as of Sept. 26 and were off 14.73% for the third quarter, according to Lipper Inc. For the year to date, they were down 24%.
Investors continued to suck money out of stock funds and pour it into fixed-income funds, hoping for more stable returns.
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