Bank stocks led the market lower today after Citigroup agreed to convert preferred stock held by the government into common shares.  The market was also impacted by a report that GDP fell an annualized 6.2% at the end of last year, a larger decline than expected.

The KBW Banking Index fell 8.73% and the KBW Regional Banking Index fell 3.51%. The broader S&P 500 Index was down 2.36%.

The Bank Index was led by Citigroup, Huntington Bancshares Incorporated, and Bank of America, which were down 39.02%, 26.26%, and 25.75%, respectively. Leading the Regional Banking Index lower were Citizens Republic Bancorp, CVB Financial Corp., and Frontier Financial Corporation, which were down 23.47%, 15.93%, and 15.30%, respectively.