Financial Stocks Swept Up In Broader Market Selloff

Financial stocks fell across the board on Tuesday, caught up the broader market selloff on fresh concern about the economy and low inflation. The Financial Select Sector SPDR Fund , which tracks financial stocks in the S&P 500 , fell 2%. Bank of America Corp. which reported third-quarter earnings that beat expectations, was down nearly 3% in early trading. Citigroup Inc. and Morgan Stanley were down nearly 2.3%. J.P. Morgan Chase & Co. fell 2.1% and Goldman Sachs Group Inc. was down 1.4%. Wells Fargo & Co. was down 1%.