Several major earnings last week, which were positive overall, were unable to keep markets from experiencing their biggest weekly losses since February of 2009. The S&P lost over 50 points on the week and the DOW experienced three 150+ point loss days. Both indexes were down over 4% for the week. Among the heavy selling in the afternoon session on Friday, the Nasdaq was hit hardest, losing 2.7 percent on the day.

The major concern on Wall Street presently is President Obama’s plan to bring back remnants of the Glass-Steagall act that was repealed by President Clinton in 1999. The new initiative will strip financial institutions of their private equity interests. Major companies such as JPMorgan and Goldman Sachs experienced major retreats in their stock price throughout the week.

Also worrying investors are possible problems regarding the re-confirmation of Fed Chairman Ben Bernanke. Bernanke has become a popular person on Wall Street as of late with his policies that are dedicated to keeping interest rates low and plenty of liquidity in the system.