Australian stocks are getting crushed as investors sell banks

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The Australian market dropped hard on opening as investors sold down bank stocks, following a weaker Wall Street.

The Commonwealth was down 4% to $84.53, Westpac 2.08% to $34.545, the ANZ 1.06% to $33.76 and the NAB 1.44% to $35.65. AMP was down 2.06% to $6.415.

Investors were unimpressed with weak results from Westpac earlier this week and a quarterly update today from the Commonwealth Bank.

On Wall St overnight, the S&P 500 closed down 1.2%. On the local market, all ten sectors were weaker, with financial stocks losing 2% across the board.

Investors also punished Woolworths for a disappointing quarterly result, sending the stock down 3.43% to $28.615.

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