Midday Report: Deutsche Bank Tumbles; Stocks Retreat From Rally - Video - TheStreet

Midday Report: Deutsche Bank Tumbles; Stocks Retreat From Rally

Stocks retreated from Wednesday's rally after third-quarter U.S. GDP slowed.
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Stocks retreated from Wednesday's rally after third-quarter U.S. GDP slowed. The rate of growth slipped as businesses cut back on restocking to compensate for an oversupply in inventories. Deutsche Bank (DB) fell after detailing plans to exit 10 countries and reduce its workforce by 35,000 positions. Management also told shareholders it would not offer a dividend this year or next as it focus on restructuring efforts. Pending home sales fell in September for the second straight month. The index hit its second-lowest level of the year, though remained up 3% from a year earlier. Weather could have played a role in weakness after heavy rainfall in the Northeast.