Afternoon Market Update (ETFC, MTB, VLO)

Shares of E-Trade Financial Corp ETFC dropped about 2%, as most of the financial stocks traded down. Shares of M&T Bank Corp MTB were also down about 2.61%. The Financial Select Sector SPDR exchange-traded fund (XLF) fell about 0.71%, while the Standard & Poor's 500 stock index moved down about 0.65%. Treasury prices increased their gains and the US dollar moved down versus the euro after the consumer confidence index dropped to 48.5 in September. Yields on 10-year notes lost about 2.53%. The euro gained about 0.5580% against the dollar. The dollar index (DXY) moved down about 0.22%. US Energy stocks fell after Valero Energy Corp VLO announced to sell its refinery in Paulsboro. The NYSE Arca Oil Index (XOI) moved down about 0.26%, while the NYSE Arca Natural Gas Index (XNG) dropped about 0.85%. The Philadelphia Oil Service Index (OSX) plunged about 0.55%. Read more from Benzinga's Markets.