Tuesday's late afternoon trade: US stocks tumble

US stocks tumbled on Tuesday, briefly dragging the S&P 500 down more than 5 percent, as lack of detail in the government's plan to shore up the financial system rattled investors and fuelled doubts about steps taken to contain the economic meltdown. The S&P financial index fell more than 10 percent while the KBW index of bank stocks tumbled 13.3 percent.
The Dow Jones industrial average fell 387.57 points, or 4.69 percent, to 7,883.30. The Standard & Poor's 500 Index declined 43.33 points, or 4.98 percent, to 826.56. The Nasdaq Composite Index lost 66.88 points, or 4.20 percent, to 1,524.68.