The banks dragged down the ASX again

Mark Nolan/Getty Images

Financial stocks dragged the local market down.

The ASX 200 fell below 4900 points before recovering. At the close, the index was at 4,937.60, down 26.48 points or 0.53%.

On Wall Street, financial and energy stocks led a rout overnight. The S&P 500 index closed down 1.2%.

On the ASX, the four major banks led the pack down. The ANZ was down 1.5% to $22.28 and Westpac 1.18% to $28.520.

The Bank of Queensland, which announced an 11% lift in profits yesterday, lost 4.2% to $10.96.

The miners followed after crude oil prices fell. BHP was down 1.28% to $16.18.

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