YAHOO[BRIEFING.COM]: A bit of late support kept stocks from closing at their session lows. Still, losses were deep and broad-based, extending last week's declines.

The recent downturn comes as market participants prepare for an earnings season that begins this evening when Dow component Alcoa (AA 10.06, -0.75) announces its latest quarterly results.

Expectations for the company are low. Its shares were actually downgraded to Sell by analysts at Deutsche Bank.

Profit concerns have fueled recent selling efforts, underscoring a change in the broader market's sentiment.

During recent weeks investors would shake off disappointing data and bid stocks higher. That helped the stock market rebound more than 25% from its November low to its January.

The stock market has fallen nearly 4.5% over the last two sessions.

Losses have been the worst among financial stocks during that time. This session financials shed 5.7%, which was more than any other sector. Over the past two sessions financials have fallen almost 9% as investors dump the stocks amid fear of what may still be lurking on the balance sheets of banks and other financial outfits.

Citigroup (C 5.60, -1.15) is reportedly nearing a deal to sell a majority stake of its brokerage, Smith Barney, to Morgan Stanley (MS 18.79, -0.27) for $2.5 billion to $3.5 billion cash, according to Reuters. The extra cash could help Citi stem looming losses.

Financials were the worst performing sector in 2008, losing roughly 58%, and are currently the worst performing sector in 2009, currently down 13% year-to-date.

Materials (-3.6%) and energy (-3.1%) stocks also finished the session with sizeable losses. Their downturn comes amid continued concern regarding weakening demand in end markets.

As such, crude oil futures closed almost 8% lower at roughly $37.60 per barrel, which marks the lowest closing price since late December. Crude failed to break into positive territory even once during the session.

Nine of the 10 economic sectors finished with losses. The defensive-oriented utilities sector (+0.2%) was the only sector to post a gain.DJ30 -125.13 NASDAQ -32.80 NQ100 -1.8% R2K -2.6% SP400 -2.8% SP500 -20.09 NASDAQ Adv/Vol/Dec 645/1.79 bln/2086 NYSE Adv/Vol/Dec 731/1.31 bln/2362