Australian stocks are getting crushed

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The Australian market has dropped more than 1% today, wiping out all gains from yesterday’s rally, with the miners and banks leading stocks down.

Eight out of ten sectors fell as local investors took profits after Thursday’s 0.66% rise. Concerns over Greece’s debts weighed on the market.

Among the big banks, the NAB was down 1.35% to $38.78 and the ANZ more than 1% to $35.65.

Rio Tinto was down 1.74% to $54.90 and BHP 1.19% to $29.87. Pure play iron ore miner Fortescue had almost lost all of its gain from yesterday at $1.86, down nearly 5%.

Energy stocks were marginally stronger, following firmer oil prices. Woodside Petroleum was up 0.28% to $35.58.

On Wall Street overnight, the S&P 500 was down by 0.1%.

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