FITCH ALARM: A warning from Fitch Ratings that large U.S. banks could be hit hard if Europe's debt crisis spreads sent stocks on a downward spiral late Wednesday.
LAST-HOUR DROP: U.S. indexes were moving between small gains and losses before Fitch released its report around 3:15 p.m. Eastern time. The Dow was down just 36 points with an hour of trading left, then plunged to end the day down 190.
BANKS SINK: Large banks took a dive. Bank of America Corp. and JPMorgan Chase & Co. each lost 3.7 percent. Goldman Sachs dropped 4.1 percent and Morgan Stanley 7.9 percent.