Australian stocks are getting crushed

Paul Kane/Getty Images

Australian stocks were falling as weaker iron ore prices dragging on miners and with the banks following.

Most of Wednesday’s gains had been wiped out with all sectors showing red ink.

Pure iron ore player Fortescue was down more than 6% to $2.08, Rio Tinto had lost 2.38% to $55.25 and Woodside Petroleum was down more than 1% to $35.29. The price of iron ore was down about 2% to $US60.90 a tonne.

Among the banks, the ANZ had lost 1.14% to $32.48.

On Wall Street, the S&P 500 closed up 0.2%.

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