NO BIG PLAN: The Dow Jones industrial average dropped nearly 200 points Thursday after the head of the European Central Bank said there was no plan for large-scale purchases of European government bonds, as many in the markets had hoped.

REMARKS RATTLE: ECB President Mario Draghi's remarks sent borrowing costs soaring for Italy, Spain and other countries with heavy debt burdens. European stock indexes fell and the euro weakened against the dollar.

BANKS FALL: Bank stocks led the way lower. Citigroup Inc. plunged 7 percent; Morgan Stanley 8.4 percent. JPMorgan Chase & Co. slid 5.2 percent.