Bank stocks and the broader markets took a dive in late afternoon trading after Rochdale Securities LLC analyst Richard Bove recommended that investors sell Well Fargo & Co.'s stock.

The KBW Bank Index closed down 2.39%, the Dow Jones industrial average 0.92% and the Standard & Poor's 500 index 0.89%.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.