The fact that financials are the worst sector in the market isn't stopping it from getting uglier, as majors like Bank of America (NYSE:BAC), Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), JP Morgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) continue to get hammered.
Most of this is in relationship to pressures from the mortgage segment, but ongoing scrutiny from the Federal Reserve, European sovereign debt crisis and faltering employment has added to the weakness in the financial sector.
Bank of America was trading at $7.41, down $0.49, or 6.26 percent, as of 11:09 AM EDT. Citigroup was trading at 428.86, falling $1.14, or 3.80 percent. JP Morgan was at $34.98, losing $1.32, or 3.64 percent. Goldman Sachs was trading at $106.73, dropping $5.43, or 4.84 percent. Morgan Stanley was at $16.25, down $0.68, or 4.02 percent.
Even though the finance sector added 3,000 jobs in August, that wasn't close to making up for the 19,000 lost in June and July, and economists don't see any growth in the sector in the months ahead.
The S&P 500 financials are down almost 3 percent.
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