U.S. stocks tumbled Thursday amid concerns that a White House plan to restrict the growth of the nation’s largest banks could hurt their profits, sending Wall Street to its biggest one-day loss in three months.
Nearly every stock on the Dow Jones industrial average fell, but banking stocks took the biggest hits. Shares of Bank of America and J.P. Morgan Chase fell more than 6 percent, while Goldman Sachs’s stock fell 4 percent even after reporting a more than $13 billion profit for 2009.
Full story: Big-bank stocks lead indexes down after announcement of Obama plan – Washington Post