Financial stocks (XLF -0.6%) pare early losses but the sector remains lower amid news that Bank...

|About: Financial Select Sector SPD... (XLF)|By:, SA News Editor

Financial stocks (XLF -0.6%) pare early losses but the sector remains lower amid news that Bank of America's (BAC -1.8%) proposal to distribute capital to shareholders in the second half of 2011 was refused by the Fed. Also, analysts cut estimates for Q1 bank earnings after volatile markets caught traders by surprise. WFC -0.2%, JPM -0.2%, C -0.4%, GS -0.6%.