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March 4, 2011, 6:02 p.m. EST

By John Spence, MarketWatch
BOSTON (MarketWatch) — The U.S. financial sector came under heavy selling pressure Friday as stocks weakened while oil prices jumped above $104 a barrel in New York trading on the latest unrest in North Africa and the Middle East. The Financial Select Sector SPDR Fund (XLF 16.52, -0.21, -1.23%) closed the session down 1.2% at 16,52, though pared heftier losses as the broader market finished off session lows. The S&P 500 Index (SPX 1,321, -9.82, -0.74%) fell 0.7%, with financial and industrial stocks the weakest performers among its 10 industry sectors, which all closed lower. U.S. stocks falter as crude tops $104 a barrel.

The Dow Jones Industrial Average (DJIA 12,170, -88.32, -0.72%) closed 88 points lower at 12,169.88 following a report from the Labor Department estimating nonfarm payrolls rose 192,000 in February. See full story on employment report.

After Thursday’s 2% rally, the financial exchange-traded fund had pulled back before the key jobs report.

Among large-cap bank stocks, Goldman Sachs Group Inc. (GS 161.00, -3.49, -2.12%) fell 2.1% and Citigroup Inc. (C 4.54, -0.14, -2.99%) slid 3% after Bank of America Merrill Lynch analysts downgraded the stocks to neutral from buy on expected weakness in first-quarter financial results.“Results unlikely to be dismal, and should show improvement over [the fourth quarter], but we don’t expect seasonal improvement as strong as often seen in the past,” analysts led by Guy Moszkowski wrote in a note. “Client engagement remains subdued, Mideast turmoil likely only to further reduce customer risk appetite. Thus we are making significant cuts to our forecasts, and expect consensus to decline over the coming weeks.”

Morgan Stanley shares (MS 28.44, -0.87, -2.97%) closed Friday’s session down 3%.

Oil prices rose Friday amid reports of more violence in Libya, which raised fears of further supply disruptions. April crude futures closed up 2.5% at $104.52 a barrel. Oil surpasses $104-a-barrel level.

John Spence is a reporter for MarketWatch in Boston.