Markets Right Now: Stocks turn jittery again, Dow sinks 700

NEW YORK (AP) — Stocks are turning sharply lower on Wall Street as trading turns jittery again, erasing 700 points from the Dow Jones Industrial Average.

Banks led the market lower as bond yields fell sharply today, which makes it harder for banks to make money from lending.

Bank of America fell 5.7 percent.

Small-company stocks fell more than the rest of the market.

The S&P 500 lost 63 points, or 2.3 percent, to 2,727.

The Dow lost 574 points, or 2.2 percent, to 25,253. The Nasdaq fell 197 points, or 2.7 percent, to 7,244.

Bond prices rose sharply. The yield on the 10-year Treasury fell to 2.92 percent.

Stock and bond trading will be closed in the U.S. Wednesday in observance of a national day of mourning for former President George H.W. Bush.