Context
Wall Street stocks on Wednesday plunged sharply, erasing much of the gains made a day earlier, amid fears of crisis in France’s banking sector, which has major exposure to wobbly European debt. US financial stocks sparked the decline on concerns that any French bank troubles may spread to them. Large financial institutions slid sharply, including Bank of America Corp down 11.2% to $6.76. The KBW bank index fell 7%.
