29.09.201622:46:00UTC+00U.S. Stocks Slide as Deutsche Bank Reaches All-Time Decline

U.S. stocks settled significantly lower as concerns regarding the Deutsche Bank has sent its U.S.-listed shares to an all-time low and has limited the advances of those on the broader financial sector. The three major indexes reached session lows after Bloomberg had reported that around ten hedge funds were cutting their exposure to the European bank.

Deutsche bank's U.S.-listed shares declined by 6.67 percent and was down by nearly 9.02 percent to $11.19. The Dow Jones industrial average retreated by 1.07 percent to close 18,143.45, as Goldman Sachs led the decliners while Verizon and Caterpillar were the only gainers. The S&P 500 fell by 0.93 percent to 2,151.13, as healthcare shares led all 11 sectors lower. The Nasdaq was down by 0.93 percent to 5,269.15. The Financial Select Sector SPDR Fund (XLF) declined by 1.4 percent. The SPDR S&P Bank ETF (KBE) fell by nearly 1.47 percent. Shares of Apple dropped by 1.6 percent while the iShares Nasdaq Biotechnology ETF (IBB) down by 3.1 percent. In corporate news, shares of PepsiCo increased by almost 2.13 percent.