Major US stock indices were sharply lower Thursday after President Barack Obama unveiled proposals to regulate and reduce risk-taking by banks.

Financial listings led the decline. Growing concerns about China’s tightening of monetary policy also helped fuel Thursday’s selloff.

The Dow Jones Industrial Average plummeted by 213.27 points, or 2.01 percent, to 10,389. The broader Standard & Poor’s 500 Index fell 21.56 points, or 1.89 percent, to 1,116.48. The technology-heavy Nasdaq Composite Index lost 25.55 points, or 1.12 percent, to 2,265.7.

The US currency edged up against the euro to 70.97 euro cents from 70.91 euro cents Wednesday. The dollar dropped against the Japanese currency to 90.42 yen from 91.23 yen.