U.S. stocks fell sharply on Friday, with the Dow Jones industrial average falling below the closely watched 12,000 mark as shares of insurance and health-care companies dragged the broader market lower, CNNMoney reported.

By midmorning the Dow had fallen 140 points, or 1.2 percent, with The Travelers Indemnity Co. creating the biggest drag on the blue-chip index. Travelers warned that it would face $1 billion in catastrophic losses related to the storms and floods in the Midwest and South. As a result, the company said it would slow its stock buyback program. Share prices fell 4 percent on the announcement.

The selling spilled over to other insurance stocks, with Allstate Insurance Co., Metropolitan Life Insurance Co. and Aflac Inc. all down 2 percent or more. Des Moines-based EMC Insurance Group Inc., which last month reported quarterly storm losses of $9.4 million, was also down by 2 percent. Pharmaceutical stocks were also lower, with Pfizer Inc. and Merck & Co. Inc. falling roughly 2 percent.

The Standard & Poor’s 500 was down 15 points, or 1.1 percent, and the Nasdaq composite fell 29 points, or 1.1 percent.

“Traders have shifted away from focusing on the fundamentals (like corporate earnings),” said Frank Davis, director of sales and trading with LEK Securities. “Now there’s a lot of emotion in this market at the moment, and the conversations among traders are nearly all leaning toward the bear side.”

Today’s losses come a day after stocks snapped a six-day losing streak, with all three major market indexes ending the session higher.

Sentiment remains decidedly pessimistic. The Dow and S&P 500 are on pace to post their sixth consecutive weekly loss, and the Dow is now at its lowest level since March 18.