New York, NY (AHN) - Internet Technology companies have become the largest segment on the Standard & Poor's 500 index. Financial stocks, battered by bad economic news, have fallen from first place, the stock index said Thursday.

IT now comprises 16.26 percent of S&P with financial shares accounting for 16.19 percent of the companies, index analyst Howard Silverblatt said. After sub-prime and credit crunch clouds appeared, financial companies lost 29.11 percent.

However, IT's top spot came more by default than an advance as the sector lost 8.74 percent, less than other areas represented on the S&P.

Like financial shares, IT companies had once held greater prominence on the S&P. During the Internet bubble in 2000, IT stock made up 34 percent of the index.