Goldman Sachs Down 5%

The financial sector is getting trounced again on Friday, after a three day rally that lifted quite a few names from 52-week lows. Comments from Dennis Lockhart, the president of the Federal Reserve Bank of Atlanta, may be partially responsible for some of the weakness in the financial sector. He told a town hall meeting in Atlanta that regulators "can't guarantee" against the failure of individual financial firms. Also, Fitch downgraded the credit ratings of Italy and Spain, and that is weighing on banks and brokers as well. Goldman Sachs GS, in particular is getting hit hard, with the shares falling nearly 5%. Smaller competitor Morgan Stanley MS has lost 6% and is trading at $14.27.