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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