NEW YORK (CNNMoney.com) -- Stocks fell sharply Tuesday, amid reports that a group of bondholders are trying to force Bank of America to repurchase bad mortgages. Investors also weighed a surprise rate hike by the Chinese government, and mixed data on the housing market and corporate results.
The Dow Jones industrial average (INDU) lost 165 points, or 1.5%. All but two of the blue chip index's components were laggards, with Bank of America (BAC, Fortune 500) leading the decline
The S&P 500 (SPX) slipped 19 points, or 1.6%, and the tech-heavy Nasdaq (COMP) shed 44 points, or 1.8%. All three indexes logged their biggest daily drops since Aug. 11.
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