Financial stocks were among the biggest losers of Thursday's session, extending the stock market's swoon to fresh multiyear lows, as the deadline on a temporary ban on short-selling ended.
The three-week halt on
of stocks in the sector was lifted just before midnight. The
Securities and Exchange Commission
had implemented the rule on Sept. 19 as an emergency measure to help stem the selling in bank stocks.
The latest selloff in the group came as credit markets continued to tighten despite emergency rate cuts Wednesday by the
and other central banks in Europe and Canada. The
Dow Jones Industrial Average
, which has several bank stocks as components, slid below the 9,000 level for the first time since August 2003.
Among Dow components,
was falling 7.2%,
was losing 6%, and
Bank of America
bucked the trend, rising 1%.
, which is still the subject of a battle between
, was tumbling 24.5% to $3.82. Wells Fargo was down 16.8% to $26.54.
Insurers were mixed, as
slumped 21% to $2.52, while
tacked on 2.2% to $27.58.
, which was reportedly approached by
for a potential merger, was down 10.6% to $22.22.
were also among the worst performers of the day. Morgan was dropping 19% to $13.61, and Goldman was off 10.3% at $101.36.