19 December 2011

Banks sink Wall Street, BofA below $5/share

By Ryan Vlastelica

NEW YORK | Mon Dec 19, 2011 4:38pm EST

(Reuters) - Banks dragged the stock market lower on Monday, with losses accelerating late after Bank of America's stock price fell below

$5 for the first time in nearly three years.

Warnings of deteriorating conditions in the euro zone and concerns about tougher capital rules that could cut into big banks' profits pressured the financials throughout the day.

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