The financial sector led the market lower as investors grew anxious over the the level of European debt banks were exposed to. J.P. Morgan Chase (NYSE: JPM) down 6.34% at last check Wednesday, Bank of America (NYSE: BAC) declining 4.82% and Morgan Stanley (NYSE: MS) falling 8.31%. The Financial Select Sector SPDR (NSYEArca: XLF) was down 4.89%.
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Max Chen contributed to this article.