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RTRS: US STOCKS-Market drops as financial shares decline
(Updates with market extending losses)

NEW YORK, Oct 7 (Reuters) - U.S. stocks fell in volatile trade on Tuesday as financial shares declined amid disappointment about a lack of coordinated interest rate cuts by global central banks.

The S&P financial index was down nearly 4 percent as shares of Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) slid more than 14 percent to $27.34, a day after it announced a plan to raise as much as $10 billion to shore up its capital.

The bank also slashed its dividend and posted a slide in quarterly profit in a surprise announcement.

Investors had bet that after Monday's global equity slide -- that took the Dow below 10,000 for the first time in four years -- central banks might mount a coordinated response to calm jittery investors.

Instead, the only news of rate cuts came out of Australia, which slashed rates by a full percentage point, and from India, which said it would cut the proportion of deposits that banks keep with the central bank.

The Dow Jones industrial average .DJI fell 68.10 points, or 0.68 percent, to 9,887.40. The Standard & Poor's 500 Index .SPX shed 7.74 points, or 0.73 percent, to 1,049.15. The Nasdaq Composite Index .IXIC declined 16.87 points, or 0.91 percent, to 1,846.09. (Reporting by Ellis Mnyandu; Editing by Kenneth Barry)