The financial sector pulled down the rest of the market Thursday as it sunk downward amid a slew of poor earnings. Bank of America ( BAC), the nation's second-largest bank, slid 2.36% to $48.85 after third-quarter earnings tumbled 30.5% to 82 cents a share, or $3.7 billion. Analysts polled by Thomson Financial were seeking $1.06 a share, excluding special items. Revenue slid 11.8% to $16.3 billion, or $2 billion under consensus. The Charlotte, N.C., bank joined multitudes of its compatriots, such as the lately beleaguered Citigroup ( C), in blaming its troubles on the fraying credit market. BofA's Global Corporate and Investment Banking division suffered an earnings plummet to $100 million from $1.67 billion last quarter and $1.43 billion last year. The bank also set aside $2.03 billion to cover credit losses -- sequential and year-over-year jumps of 12.2% and 73.5%, respectively. Washington Mutual ( WM) missed earnings-per-share targets by 4 cents after a ballooning loan-loss provision and other effects of broad-market disruptions knocked third-quarter earnings down to $210 million, or 23 cents a share. Last year the Seattle bank made 77 cents a share. Both Friedman Billings and Punk Ziegel cut WaMu stock to negative ratings. Shares sank 7.71% to $30.52, which, together with BofA's losses, helped drag on both the NYSE Financial Sector Index and the KBW Bank Index -- lately down 0.65% and 0.96%, respectively.