Sep
29
U.S. Stocks Retreat as Deutsche Bank Woes Hit Financial Shares
By-
Lenders in S&P 500 drop after Bloomberg report on German bank
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Fears of contagion roil banking sector; drugmakers slump
U.S. stocks fell as banks retreated amid growing concern that Deutsche Bank AG’s woes will spread to the global financial sector. Health-care shares sank on speculation tighterregulations will crimp profits.
Financial shares erased gains and tumbled 1.5 percent after a Bloomberg News report that signaled growing concern among some Deutsche Bank AG clients roiled markets. A number of funds that clear derivatives trades with Deutsche withdrew some excess cash and positions held at the lender, according to an internal bank document seen by Bloomberg. Johnson & Johnson and Pfizer Inc. fell more than 1.7 percent, pacing declines among drug companies…
U.S. Stocks Retreat as Deutsche Bank Woes Hit Financial Shares
