Stocks are tanking, dragged down by the banks

Rain falls on Oaks Day at Flemington Racecourse in Melbourne. Michael Dodge/Getty Images

Financial stocks dragged on the Australian market.

The major banks led the fall with the NAB, going ex-dividend, down 4.6% to $28.53.

The Commonwealth lost 1.83% to $75.18 and Westpac 1.89% to $30.68.

The big miners also lost ground with BHP losing 1.4% to $23.14.

A short time ago, the ASX 200 was at 5,176.90, down 65.39 points or 1.25%.

All ten local sectors were in the red, following Wall Street where the S&P 500 was down 0.4%.

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