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Remember when the financials fell to second place in the S&P 500? It seems as if it was only a few days ago, which it, in fact, was. Well, now the financials are in third place.

The market value of IT stocks surpassed financials last month for the first time since the tech bubble imploded at the start of the decade. And now, energy names top financials in the widely followed index for the first time since 1992.

Worries over the health of the financial sector, which has suffered from bad bets on now souring mortgage debt, resulting tightness in the credit markets and a slowdown in corporate dealmaking, have dragged on the stocks of big names on Wall Street like Citigroup Inc. and Lehman Brothers Holdings Inc.

As of Monday's stock market close, financials had fallen 36.6 percent from their October 2007 highs, according to S&P figures. During the same time, energy stocks have gained 11.79 percent and IT stocks have posted a 9.57 percent decline.

Kinda like Big Brown down the stretch in the Belmont.

Posted by edelfenbein at June 11, 2008 8:49 AM