Washington Mutual is embroiled in a probe by New York Attorney General Andrew Cuomo. The Attorney General is investigating WaMu's involvement in questionable lending practices. That was enough to send stock prices down more than 17 percent.
Other financials taking a loss today included JPMorgan Chase down 4.24 percent, American Express lost 3.2 ending at $55.37, and Capital One Financial declined more than 15 percent.
WaMu's blues were out done by General Motors . The Detroit based automaker reported its largest quarterly decline, losing almost $40 billion.
The third-quarter drop was due to writedowns from previous losses. In addition to its third-quarter loss, General Motors reported a $1.6 billion operating loss. A decline much higher than analysts had anticipated.
Despite the selloff across multiple sectors, there is a bright spot in pharmaceuticals.
Onyx Pharmaceuticals rose 17.59 percent ending at $58.03 a share. Another pharmaceutical company GPC Biotech , also rose 19.17 percent.