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Financials were lower on a combination of investor mistrust and another wave of bad news concerning the debt crisis. Bank of America led the pack down early on lingering expenses from Fannie Mae and Freddie Mac.

The stock market's historic drop has caused confusion and panic among investors. Where should they look to now that even the bluest of chips have become vulnerable?

The financial sector got a boost on Monday as relief regarding the minimal damage from Irene helped insurers make 10-plus percent gains for the day. Bank of America was shot up on the new that they would shed half their holdings in Chinese Bank CCB in order to improve their balance sheet.