Bank stocks led the market lower today, as the KBW Banking Index fell 11.81% and the KBW Regional Banking Index fell 9.86%. The broader S&P 500 Index was down 4.25%.

The Bank Index was led by M&I, Fifth Third Bancorp, and U.S. Bank, which were down 22.06%, 20.35%, and 18.17%, respectively. Leading the Regional Banking Index lower were South Financial Group, East West Bancorp, and Colonial Bancgroup, which were down 31.00%, 26.22%, and 23.08%, respectively.

Every component of both indices declined today.