S&P, Dow down over 10 percent for the year as Wall Street sinks

At its lowest on Thursday, the Nasdaq was 19.34 percent lower than its peak closing high on July 20, and about 35 points shy of being confirmed in bear territory. The S&P financial sector , already the worst performer among the 10 major sectors on the index, led the rout with a 3.23 percent decline, its steepest drop since Sept. 1. The rout in financial stocks is being led by banks as investors fear that the negative interest rates employed by a growing band of central banks to spur economic