Goldman Sachs fell Thursday after regulators announced enforcement actions against a unit of the bank over previous mortgage and foreclosure practices. Many investors also sold stocks ahead of the government's August jobs report, due out on Friday.
The Dow Jones industrial average fell 120 points, or 1 percent, to close at 11,494. It rose as many as 103 points after a key manufacturing report showed evidence of growth in August.
The S&P 500 fell 14 points, or 1.2 percent, at 1,204. The Nasdaq composite index fell 33 points, or 1.3 percent, to 2,546.
About three stocks fell for every one that rose on the New York Stock Exchange. Trading volume was light at 4.2 billion shares.
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