Closing Bell: Deutsche Bank Tumbles to All-Time Low; U.S. Stocks Slide

U.S. stock losses escalate after midday, sending benchmark indexes into the red.
Publish date:

U.S. stock losses escalated after midday, sending benchmark indexes into the red. The main culprits were Deutsche Bank (DB) - Get Report and Wells Fargo (WFC) - Get Report which pulled the financials sector lower. Deutsche Bank plummeted to an all-time low on reports around 10 hedge funds cut their exposure to the bank. Deutsche has been under the hammer since receiving a $14 billion fine for mortgage-backed securities from the U.S. Justice Department earlier this month. Wells Fargo could be in for even more trouble on reports the Justice Department is preparing to sanction the bank over repossessing cars owned by military members. The bank could be hit with a fine as large as $20 million for alleged violations of the Servicemembers Civil Relief Act. eBay (EBAY) - Get Report ended higher after Deutsche analysts upgraded to buy. The firm said the company is transitioning its platform, historically a good time to buy an internet stock. TheStreet's Keris Lahiff reports from Wall Street.