Investors running from stocks like it's 2011 again

Traders on the floor of the New York Stock Exchange.
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Investors pulled the most money out of stocks last week in two and a half years, as part of a trend that may signal more than just short-term panic selling.

Mutual funds focused on equities lost $28 billion in the week ended Feb 5, according to Citigroup and EPFR Global. It was the worst weekly performance since August 2011, when Wall Street was weathering the debt ceiling impasse in Washington.

Investors have growth skittish about stocks in 2014 as worries mount over the strength of the U.S. and global economy and the impact that changes in Federal Reserve policy will have.

At the base of the money shift, though, is also a general move by deep-pocketed institutional investors.