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CLOSING BELL: Stocks post their biggest loss this year

NEW YORK — U.S. stocks had their biggest drop this year, led by declines in banks.

Financial companies, which soared in the months since the U.S. presidential election, fell sharply Tuesday.

Bank of America sank 5.8 percent, while JPMorgan Chase and Wells Fargo each lost about 3 percent.

A drop in bond yields helped push financial stocks lower. Lower yields mean lower interest rates on mortgages and other kinds of loans.

Industrial companies and transportation stocks also fell. United Continental dropped 3.3 percent.

The Standard & Poor's 500 index lost 29 points, or 1.2 percent, to 2,344.

The Dow Jones industrial average fell 237 points, or 1.1 percent, to 20,668. The Nasdaq composite dropped 107 points, or 1.8 percent, to 5,793.

Small-company stocks fell more than the rest of the market.

Traders Robert Arciero, left, and Frederick Reimer work on the floor of the New York Stock Exchange, Monday, March 20, 2017. THE ASSOCIATED PRESS