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BofA Below $5 May Force Money Managers' Hands

Bank of America, shortly after 3pm ET, broke below $5, the level where some money managers may have to sell stocks.

Immediately, other financials — American Express , JPMorgan , General Electric* — also dropped.

The Financial SPDR , the main financial ETF, also saw a volume spike and dropped as well. The Dow dropped about 60 points.

*General Electric maintains minority ownership of NBCUniversal, corporate parent of CNBC.

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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