Last Updated: February 17th, 2009: 12:26 PM ET---The major US equity indices gapped lower at the open and are trading near session lows in a tight range as investors remain concerned over the new administration's stimulus package as well as Geithner's Financial Stability Plan. The financial sector is the session's worst performer, trading 6.1% lower, and is the major culprit behind investors' fears as many doubt the new Financial Stability Plan. Most notable decliners in the sector include Citigroup (NYSE:C) and the Bank of America (NYSE:BAC), which have the heaviest volume among financials and both of which are sporting losses of more than 9%. The energy sector is also showing considerable weakness, trading 5.3% lower as the March contract for light sweet crude is off $2.81, or 7.5%, to $34.70 per barrel on the NYMEX. The decline is being fueled by fear of further economic contraction in the nation's economy. The Volatility index (Vix), which has been unofficially labeled as the "fear index", has broken the 50-level for the first time since January, however, the index remains well below its all-time high of 90 reached in October. The S&P 500 broke the 800 level for the first time since November, when it reached an intraday and 52-week low of 741. The S&P 500's low of the day is 790, but it is currently at 791.

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