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Friday 16 September 2016

Wall Street falls; risk of Deutsche Bank fine hits banks

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US stocks fell on Friday as the possibility of a USD 14 billion fine against Deutsche Bank weighed on big banks and investors wrestled with lingering uncertainty about when the US Federal Reserve will hike interest rates.

The S&P 500 financial index dropped 0.91 percent, dragging down the benchmark index the most. The KBW Bank index fell 1.11 percent and logged its second straight week of declines. 

The Dow Jones industrial average lost 0.49 percent to finish at 18,123.80 and the S&P 500 fell 0.38 percent to 2,139.16. 

The Nasdaq Composite declined 0.1 percent to 5,244.57. 

With futures and options contracts expiring, about 9.3 billion shares changed hands on U.S. exchanges, above the 6.6 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Helping limit losses was Intel's 3.04-percent gain to a 15-year high after the chipmaker raised its third-quarter revenue forecast.

Declining issues outnumbered advancing ones on the NYSE by a 1.79-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favored decliners.

The S&P 500 posted 5 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 88 new highs and 50 new lows.


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