President Barack Obama's plan to change the way big banks make their money plunged the stock market back into the fear and uncertainty that marked the financial crisis. Obama said Thursday he would ask Congress for limits on how big banks can become and to end some of the risky trades financial companies use to supercharge their earnings. Big bank stocks skidded and investors worried the plan would destabilize Wall Street's 10-month rally.
The Dow Jones industrial average fell 213.27, or 2 percent, to 10,389.88.
The Standard & Poor's 500 index fell 21.56, or 1.9 percent, to 1,116.48.
The Nasdaq composite index fell 25.55, or 1.1 percent, to 2,265.70.
For the week:
The Dow is down 219.77, or 2.1 percent.
The S&P is down 19.55, or 1.7 percent.
The Nasdaq is down 22.29, or 1 percent.
For the year:
The Dow is down 38.17, or 0.4 percent.
The S&P is up 1.38, or 0.1 percent.
The Nasdaq is down 3.45, or 0.2 percent.