February 18, 2009

Bank stocks plunged Tuesday, extending last week's big losses on unrelenting concerns about the stability of the financial system.Bank of America Corp. was among the biggest decliners, falling 51 cents, or 9.2 percent, to $5.06 in early afternoon trading. JPMorgan Chase & Co. dropped $2.09, or 8.5 percent, to $22.60, while Citigroup Inc. tumbled 31 cents, or 8.9 percent, to $3.18.

Investors fear the financial sector may not be able to withstand further losses tied to bad mortgage-related assets, despite unprecedented government intervention to prop up the troubled industry. The government's overhaul of the $700 billion financial bailout package has done little to pacify the market's concerns.