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Stocks in the financial sector had a tough day on Friday, falling into bear-market territory as a tumultuous week on Wall Street came to an end.
Financials fell 1 percent on Friday, closing down 20.06 percent from a 52-week high reached in January. The decline was driven by a fall in bank shares amid worries about slowing global economic growth.
Shares of Morgan Stanley and Goldman Sachs fell 2.4 percent and 1.8 percent, respectively. Morgan Stanley also closed at its lowest level since November 2016. J. P. Morgan Chase dropped 0.8 percent while Citigroup dipped 1.3 percent.
With Friday's decline, financials joined the energy and materials sectors in bear-market territory. Energy is down 21.3 percent from its 52-week high reached in May, while material stocks are down 20.35 percent from a record set in January.
Meanwhile, communication services, industrials, technology and consumer discretionary sectors all ended Friday's session in correction territory, which means they are down more than 10 percent from their recent 52-week highs.
The broad U.S. equity market has been under pressure recently as Wall Street grapples with concern over the global economy and uncertainty around U.S.-China trade relations. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all closed in correction after a sell-off on Friday. The session's sharp declines also wiped out the indexes' gains for the week.