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Bank stocks fall after Friday rally

After a big rally on Friday, bank stocks slumped today amid continuing industry upheaval.

In afternoon trading, Wachovia Corp. shares fell more than 11 percent to $16.64 after a merger with Morgan Stanley appeared to become less likely. Morgan Stanley, which instead landed an investment from Japanese bank Mitsubishi UFJ, saw its shares rise 2 percent to $27.78.

Bank of America Corp. shares were down 7 percent to $34.86.

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