Stocks sink, pushing S&P to new low for the year

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Bank of America Corp. plunged 9.6 percent to $5.53, the lowest price for the stock since the financial crisis in 2008. The company has fallen 59 percent since January as investors fret that the nation’s largest bank will be hit with more settlements of lawsuits over mortgage securities that lost value after the housing bust.

Yahoo Inc. gained 2.7 percent, to $13.53, after the head of Chinese Internet company Alibaba Group Holdings said he would be interested in buying the company. Yahoo, which recently ousted Carol Bartz as its CEO, has been trying to decide whether to sell parts of the company.

Nine stocks fell for every one that rose on the New York Stock Exchange. Volume was heavy at 5.8 billion shares.

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