“Citigroup (NYSE:C) was among the losers of the financial sector Thursday, following the broader market indices lower as the S&P 500 approached correction territory. Citigroup (NYSE:C) shares fell nearly 5% as the S&P 500 fell 2.5% to 1086.94, a loss of 10% over the last month, to the index’s lowest level since February. Stocks were pressured by a surprising jump in weekly initial jobless claims and continued fears over the debt crisis in Europe. Financial stocks were among the hardest hit of the market sectors. The ProShares Ultra Financial (NYSE:UYG) ETF lost 4.6%, the iShares Dow Jones U.S. Financial Sector (NYSE:IYF) ETF slid 2.5%, and the Financial Select Sector SPDR (NYSE:XLF) dropped 2.4%, “Robert Holmes Reports From The Street.

The reform bill  is also weighing on financial ETFs as Holmes reports, “The Senate voted to end debate on the financial reform bill, which means a final vote on the legislation could come in the next few days. After the Senate failed in its first attempt to end the debate Wednesday, a second attempt reached the 60-vote minimum to pass.

Paul Miller, a bank analyst with FBR Capital Markets, said that while the first failed vote was a “stumbling block, the Senate is still poised to complete work on this bill in the next few days, setting up reconciliation with the House and, we believe, final passage next month.” Miller suggests that investors watch for debate over an amendment would strengthen the Volcker Rule by “accelerating the process and giving less leeway to regulators for implementation. While this amendment is still a threat, the opposition is making it tough for it to get attached to the bill,” Miller said

On the same issue  Kerry Grace Benn from WSJ was reporting that,  ”The Senate is likely making things worse for the stocks, Rochdale Securities analyst Richard Bove said. He compared the current environment with late 2008, when senators were suggesting the U.S. financial system had collapsed and needed to be nationalized or allowed to fail. Those remarks accelerated the stocks’ fall then, because the senators removed all confidence from the banking system, and that’s happening again now, he said. Bove said he thinks the motion will probably pass Thursday because senators will realize they are hurting the market the more they comment negatively and continue to draw out the negotiations on the bill.

“My gut tells me that if we didn’t have this bill at this point, the market would be in a lot better shape even with problems in the euro zone,” Raymond James analyst Anthony Polini said.

Here are some details we put together on the Financial Select Sector SPDR ETF (NYSE:XLF) including a list of all the financial institutions within the ETF below:

Financial Select Sector SPDR ETF (NYSE:XLF)

The Financial Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Financial Select Sector Index (ticker: IXM). Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

IYF, UYG, XLF