Stocks declined sharply today on concern that a bill to bail out automakers may not be passed by the Senate. The KBW Banking Index fell 8.96% and the KBW Regional Banking Index fell 6.75%. The broader S&P 500 Index was down 2.85%.

The Bank Index was led by Capital One, National City, and PNC Financial Services Group, which were down 13.19%, 13.13%, and 11.46%, respectively. Leading the Regional Banking Index lower were Wintrust Financial Corporation, Sterling Financial Corporation, and Pacific Capital Bancorp, which were down 13.50%, 11.24%, and 10.86%, respectively.