YAHOO[BRIEFING.COM]: For the second straight session financials led the stock market lower, but then failed to fully participate in a broad-based rebound. The sector remains out of favor amid its ongoing troubles.

Shares of Bank of America (BAC 7.18, -1.14) fell to new multiyear lows after missing the consensus fourth quarter earnings estimate of $0.08 per share. The bank lost $0.48 per share, and slashed its quarterly dividend to $0.01 per share from $0.32 per share to help preserve capital.

Bank of America will receive $20 billion in additional capital from the government to aid in the Merrill Lynch acquisition. Bank of America has already received $25 billion in federal funding. The new allotment comes with a loss sharing agreement.

Citigroup (C 3.50, -0.33) lost $1.72 per share in the fourth quarter. It was expected to lose $0.41 per share. Ongoing troubles at the financial giant have prompted management to reorganize the bank into just two operating units.

Amid ongoing troubles in the financial sector, the U.S. Senate has made the second $350 billion installment of TARP funds available to the Treasury.

Financials were the only sector to finish with a loss; they closed 2.4% lower. That gave the sector a 16.5% loss for the week.

Technology, which is currently the largest sector in the S&P 500 by market weight, closed the session 1.0% higher.

After issuing its second revenue warning last week, tech giant Intel (INTC 13.74, +0.45) officially reported earnings of $0.04 per share on some $7.3 billion in sales. The results were in-line with expectations.

Biotech outfit Genentech (DNA 84.60, -0.48) disappointed investors by reporting earnings of $0.95 per share, which was $0.01 short of the $0.96 per share consensus. The company also forecast full-year earnings between $3.55 and $3.90 per share, which is shy of the $3.92 per share analysts forecast. The firm did not discuss Roche's planned acquisition.

Health care, the second largest sector in the S&P 500, closed the session 1.0% higher. It fared the better than any other sector this week, falling just 0.3%.

Heading into the long weekend, the broader market concluded the session with a 0.8% gain. It still finished the week 4.5% lower.

With earnings back in focus, the latest economic data ultimately had little to impact on trading this session, especially since the reports didn't contain any horrific surprises.

The core December CPI was unchanged, and has been net unchanged over the past four months. That indicates there is no inflation at the consumer level. Total CPI was down 0.7% as energy prices dropped for the fifth straight month.

Crude oil futures continue to encounter further selling pressure. Though they finished the session 2.8% higher at $36.40 per barrel, crude futures are down roughly 11% for the week, and down nearly 19% for the month. February crude futures contracts expire next Tuesday.

Separately, industrial production declined 2.0% in December, marking the fourth decline in the last five months. A decline of 1.0% was expected.

Meanwhile, capacity utilization slipped to 73.6% from 75.2% in November. Capacity utilization stands at the lowest levels since December 2001, underscoring weak demand in end markets. DJ30 +68.73 NASDAQ +17.49 NQ100 +1.2% R2K +0.8% SP400 +1.5% SP500 +6.38 NASDAQ Adv/Vol/Dec 1480/2.24 bln/1206 NYSE Adv/Vol/Dec 2010/1.62 bln/1036