NEW YORK (AP) -- Stocks are closing sharply lower after Fitch Ratings put out a report saying U.S. banks could take a big hit if Europe's debt crisis spreads.
Indexes were moving between small gains and losses for most of the day Wednesday before Fitch put its report out at 3:30 p.m. The Dow sank more than 100 points shortly thereafter.
Banks and materials stocks led the market lower. Bank of America fell 3 percent.
The Dow Jones industrial average lost 190 points, or 1.6 percent, to close at 11,906.
The S&P 500 fell 21 points, or 1.7 percent, to 1,237. The Nasdaq composite lost 47, or 1.7 percent, to 2,639.
Three stocks fell for every one that rose on the New York Stock Exchange. Volume was below average at 4 billion shares.