Stocks fell sharply as Obama proposed tough restrictions on banks, a move which will squeeze bank profits. Obama said banks should no longer be allowed to own, sponsor or invest in hedge funds for proprietary profits, which has been a huge cash cows for the banks. Goldman Sachs fell 4.1% depite better results and JPMorgan shed 6.6%.
DJIA -213.27pts (2.01%) at 10389.88
S&P -21.56pts (1.89%) at 1116.48
Nasdaq -25.55pts (1.12%) at 2265.70
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