Financial stocks were among the worst performers on what was another ugly day for the U.S. stock market.
The KBW Bank Index sank 10.6%, and the NYSE Financial Sector index surrendered 8.9%. The Amex Securities Broker/Dealer dropped 9%.
Stocks across the board were hammered.
both sank 25%, and
gave back more than 9%.
Bank of America
, which was aiming to raise $10 billion in a stock offering, sank 26%. The company also said, following the close Monday, that it was cutting its dividend and that third-quarter earnings fell sharply from the same period last year.
Elsewhere on the
Dow Jones Industrial Average
had double-digit losses.
This article was written by a staff member of TheStreet.com.