The financial sector opened in negative territory Friday

Bank stocks open lower as investors eye stimulus plan

Last update: 9:42 a.m. EST

as markets watched the progress of a nearly $800 billion economic stimulus plan in Congress. The SPDR KBW Bank ETF (KBE:
KBW Bank ETF News , chart , profile , more
Last: 13.38-0.40-2.90%
KBE 13.38, -0.40, -2.9%) was off 3% in early action while shares of Wells Fargo & Co. (WFC: Wells Fargo Last: 15.81-0.99-5.89%

WFC 15.81, -0.99, -5.9%) dropped 6% after the bank tacked on a $328 million charge to its fourth-quarter results. An exchange-traded fund tracking the broader financial sector, Financial Select Sector SPDR Fund (XLF:
Select Sector SPDR: Financial
Select Sector SPDR Fund Last: 8.94-0.26-2.83%

XLF 8.94, -0.26, -2.8%) , lost nearly 3%.