U.S. stock slumped Tuesday after President Barack Obama gave his inauguration speech on concerns the economic recession will deepen after dismal financial data.
Today's decline was the worst in the markets since November, according to Bloomberg.
Earlier today, State Street Corp., the world's largest money manager for institutions, plunged 50 after reporting an unrealized loss of $6.3 billion on its investment portfolio. Wells Fargo & Co. and Bank of America fell over 17 percent today and JP Morgan declined on renewed fears on the health of its worldwide banking system.
On Tuesday, the Standard & Poor's 500 Index stumbled 25.70 points, or 3.02 percent, to 824.42 in New York, while the Dow Jones industrial average dropped 178.65 points, or 2.16 percent, to 8,102.57. The Nasdaq Composite Index dropped 52.07 points, or 3.40 percent, at 1,477.26.
Markets were closed yesterday due to the Martin Luther King's holiday.