Financials Smashed Following Lehman Collapse

Financials are under heavy pressure this AM following the collapse of Lehman Brothers (NYSE: LEH). The main financial ETF, Financial Select Sector SPDR (AMEX: XLF), is down 8%.

Individual stocks: Washington Mutual Inc. (NYSE: WM) down 26%, Wachovia Corporation (NYSE: WB) down 22%, Citigroup (NYSE: C) down 12%, Morgan Stanley (NYSE: MS) down 10%, Goldman Sachs Group Inc. (GS) down 8%, JPMorgan Chase (NYSE: JPM) down 5%, Wells Fargo (NYSE: WFC) down 5%, Bank of America (NYSE: BAC) down 14%.

Merrill Lynch (NYSE: MER) is the acception, rising 35% after agreeing to be acquired by Bank of America in a stock-for-stock deal.

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