Financial stocks were plummeting along with the overall market Monday as traders fled equities to seek safe havens in gold and Treasury bonds.

Recently, the NYSE Financial Sector index was losing 7.6%, and the Amex Securities Broker/Dealer index was off 6.9%. The KBW Bank index was dropping 9.3%.

Throughout the group, the selling was furious, as it was for the broad market. At one point, the Dow Jones Industrial Average had a loss of nearly 800 points.

Among individual stocks, Wachovia ( WB), which is being pursued by Citigroup ( C) and Wells Fargo ( WFC), was down 5.3% at $5.88. Citi fell nearly 7%, and Wells was off almost 5%.

Citi wasn't even the worst financial component of the Dow. That distinction belonged to Bank of America ( BAC), which tumbled 9.6%.

American Express ( AXP) was lower by 8.6%, and JPMorgan Chase ( JPM) was shedding 7.5%.

Hartford Financial ( HIG) was one of the session's few winners, climbing nearly 12% after saying it has agreed to a $2.5 billion capital investment from Allianz ( AZ). Hartford also said it plans to cut its dividend and that it will probably post a loss in the third quarter.
This article was written by a staff member of TheStreet.com.

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