Banks stocks crushed the ASX again

Robertus Pudyanto/Getty Images

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.

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