Investors withdrew nearly $3.4 billion from equity mutual funds during the two business days ended Feb. 22, estimates

TrimTabs.com

, a firm that tracks fund inflows and outflows. For the month of February, TrimTabs is projecting a $12.5 billion outflow for equity mutual funds, which would make it the worst month since August 1998, when outflows reached $11.7 billion.

For the most recent period, U.S. equity funds saw outflows of nearly $2 billion. International funds saw outflows of $1.43 billion, estimates TrimTabs.

For the two days ended Feb. 22, the

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Nasdaq Composite Index

fell 3.2%, the

S&P 500

was down 2% and the

Dow

fell 1.9%.