NEW YORK (Reuters) - Stocks slid on Tuesday as investors paused to reassess the likely success of the government's latest plans to clean up bank balance sheets and revive the financial system, a day after initial euphoria over the plan drove huge gains.
Bank stocks, which posted their best day in at least 16 years on Monday, dragged Wall Street lower as investors booked profits amid questions whether the U.S. government's plan to spend up to $1 trillion to buy up toxic bank assets would work.
The S&P financial index .GSPF fell 6.5 percent. Bank of America (BAC.N) lost 8.3 percent to $7.15, JPMorgan Chase & Co lost 9.2 percent to $26.22, while Goldman Sachs (GS.N) shed 1.4 percent $110.33.
"There is a fair amount of debate about what has been proposed ... and whether this is actually going to solve the problem or not," said Paul Nolte, director of investments at Hinsdale Associates in Hinsdale Illinois. more...
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