Remember that financial stocks are the largest percentage sector in the S&P 500, coming in at a little over 20%. Last week there was a ton of bad news in the sector.
Bear's two funds are worthless.
S&P downgraded over 400 bonds.
Several financial institutions increased their loan loss reserves.
As a result, investors are nervous about what will happen to various financial companies.
That means they are selling financial shares. Also note the increased volume in this sector over the last three days. The selling is accelerating.