Bank of America was biggest loser, followed by Citigroup and JP Morgan.
And economic news continues to be dismal. Initial jobless claims rose by 3000 to 5.88 lakh. Durable-goods orders skidded 2.6 percent. And new-home sales tumbled 14.7 percent.
The Dow industrials plunged 226.44 points, or 2.70%, to 8,149.01. The S&P 500 index slipped 28.95 points, or 3.31%, to 845.14, and the Nasdaq composite index declined 50.50 points, or 3.24%, to 1,507.84.
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