Toronto stocks plunged Wednesday as the bears returned after a one-day absence. The S&P/TSX composite index finished down 117.93 points at 6,100.68.

The heavily weighted financial sector fell 2.99% as Morgan Stanley downgraded estimates for U.S. banks Citigroup and J.P. Morgan, citing a troubled business environment.

In Toronto, TD slid 84¢ to $27.01, CIBC fell $1.20 to $39.20, while RBC dropped $2.15 to $50.55.

Shares in C.I.Fund Management were down 38¢ to $9.72, even as the firm reversed a year-earlier loss to post a quarterly profit of $17.5 million.

Industrials fell 3.4%, led by CAE Inc., which sagged 59¢ cents to $4.01. Canadian National Railway dropped declined $3.01 to $58.94.

Tech issues dropped 2.65% as ATI posted a fourth-quarter that was in line with a recent warning, but said its next quarter would see some improvement. ATI fell 55¢ to $7.30.

Nortel Networks slipped 7¢to 76¢.

Toronto volume was 145.2 million shares worth $1.95 billion as decliners beat advancers 539 to 461, with 218 unchanged.

The junior TSX Venture Exchange was flat at 949.

In New York, the Dow industrial average tumbled 183.18 points to 7,755.61 after Tuesday’s spectacular 346-point jump. The Nasdaq fell 26.27 points to 1,187.44 while the S&P 500 index dropped 19.99 points to 827.92.

The Canadian dollar declined 0.22¢ to US63.02¢.