Financial sector bears brunt of market decline

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

As investors rush to safety -- bidding up Treasurys and pushing down yields -- financial stocks slide.

The financial sector (-1.8%) is the biggest decliner of the S&P 500's 11 industry sectors.

Financial Select Sector SPDR ETF (NYSEARCA:XLFloses 1.7%; in the past month the ETF, down 3.2%, has fallen faster than the S&P 500's 2.1% decline.

All six of the six biggest U.S. banks fall more than 1% -- Bank of America (BAC -2.3%), Citigroup (C -2.5%), JPMorgan Chase (JPM -1.7%), Wells Fargo (WFC -1.3%), Goldman Sachs (GS -2.5%), and Morgan Stanley (MS -2.7%).

Regional banks also felt the pain: PNC Financial (PNC -2.4%), Axos Financial (AX -2.8%), Regions Financial (RF -2.2%), Fifth Third (FITB -2.1%).

Non-U.S. based international banks are also sinking, with Deutsche Bank (DB -8%) falling the most. Others slumping are: Banco Santander (SAN -2.4%), HSBC Holdings (HSBC -2.3%), Barclays (BCS -2.1%), Lloyds Banking Group (LYG -2.3%), Credit Suisse (CS -2.6%), and UBS (UBS -2%).

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