U.S. investors fled stocks and bonds in droves this past week as widespread market selling continued amid rising interest rates and a worsening global economy.

"This represents the second worst net outflow for the year," said Patrick Keon, financial services analyst for Lipper, a Refinitiv company. Nearly $43 billion left U.S. funds for the trading week that ended Wednesday. That trails only the week of June 20, when $51.6 billion left funds.

The Dow Jones Industrial Average has lost more than 1,700 points over the last five days of trading. Investors have fled U.S. stocks since the beginning of October.

While many stocks hit all-time highs in the middle of this year, the majority of the members are trading in bear market territory. As fear continues to rise, several Wall Street strategists are warning that the worst is yet to come. The S&P 500 is down nearly 8 percent for the year.

Nearly all of this past week's outflows were from equity funds and taxable bonds funds, according to Lipper.

Additionally, Lipper says equity mutual funds suffered outflows for the 26th consecutive week.