Banks stocks crushed the ASX again

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The local market was hammered, dragged down again by the major banks and the big miners.

At he close, the ASX 200 was at 4,924.40, down 70.92 points or 1.42%. Overnight on Wall Street the S&P 500 index was down by 0.3%.

All sectors were in the red today with energy stocks losing more than 3% and financials 1.4%.

The major banks, which have been punished lately over fears of increasing bad loans, were all sold down. The Commonwealth lost 2.2% to $71.25 and Westpac 1.95% to $29.13.

BHP dropped 3.2% to $15.98 and Woodside Petroleum more than 4% to $23.94.