Financial stocks were suffering a broad beating Thursday, as Treasury yields sank in the wake of the Federal Reserve's detailing of its widely expected tapering plans, and as the Bank of England held off on an expected rate hike. The SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -2.05% dropped 2.0% with 61 of 65 equity components losing ground. within the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.30% , Goldman Sachs Group Inc.'s stock /zigman2/quotes/209237603/composite GS -1.20% was the biggest drag, as it fell $13.49, or 3.2%. Elsewhere, shares of JPMorgan Chase & Co. /zigman2/quotes/205971034/composite JPM -1.75% lost 2.3%, Bank of America Corp. /zigman2/quotes/200894270/composite BAC -1.81% dropped 3.0%, Citigroup Inc. /zigman2/quotes/207741460/composite C -1.85% slid 3.4% and Wells Fargo & Go. /zigman2/quotes/203790192/composite WFC -2.42% shed 2.9%. Meanwhile, the yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -2.63% declined 6.0 basis points to 1.519%. Lower long-term interest rates could hurt bank profits, as the spread between what banks can earn on longer-term assets, such as loans, that are funded with shorter-term liabilities is narrowed.