More unsettlingly, the level of agreement among strategists is at an all-time high.
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The Financial Select Sector SPDR ETF was off 2.5%, led by nearly losses of at least 5% from Bank of America Corp. The exchange-traded SPDR S&P Bank ETF, which tracks smaller banks, was off nearly 4.5%, topped by a nearly 8% drop in shares of Bank of the Ozarks Inc. A 3.1% tumble in shares of Goldman Sachs Group was cutting more than 50 points from the Dow Jones Industrial Average , which was off about 200 points.
Meanwhile, the S&P 500 index was down 0.6% at 2,345 led by financials losses. The Nasdaq's KBW Bank Index was off 3.5%, putting it on track for its worst daily drop since June 27, according to Fact Set data.
The S&P 500 slumped 1%, putting it on track to snap a 109-session streak that it closed without a 1% decline.
Exchange-traded funds that track financials on Tuesday were helping to drag the stock market firmly lower.
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Turner Gas Company is family-owned and has successfully served customers for over 75 years.
The stock market's internal readings suggest that while bears are dominating bulls, the selling remains relatively calm and collected, which might suggest that many investors aren't so worried about the market yet.
On the New York Stock Exchange, declining stocks outnumbered advancers by a 2,224 to 715 margin.
Lower yields tend to be bad news for banks because it the money they can make from borrowing short-term and lending on a long-term basis.
Wall Street's equity strategists are a notoriously bullish bunch, but this time around, forecasts for stock gains in 2017 are the most muted in over a decade.
A smaller version of the idea became the Mall of America.