Midday Report: Wells Fargo CEO Under Fire; U.S. Stocks Slide

U.S. stocks fall into the red by late Thursday morning as Mylan kicks off a selloff in health care.
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U.S. stocks fell into the red by late Thursday morning as Mylan (MYL) - Get Report kicked off a selloff in health care. Oil was a bright spot, though, adding gains to a late-session rally seen a day earlier.  Wells Fargo (WFC) - Get Report John Stumpf continued his apology tour on Capitol Hill, testifying before the House panel that there was no "orchestrated effort" to defraud its customers. The bank is trying to correct a scandal wherein it created unauthorized accounts to meet sales targets. Pending home sales in August fell to their lowest level in seven months as constrained supply softened activity. Economists had expected a small increase. PepsiCo (PEP) - Get Report climbed after topping quarterly earnings estimates and boosting its full-year outlook. Its North American beverage and Frito-Lay units, its two biggest sales drivers, reported increases in revenue and volume. TheStreet's Keris Lahiff reports from Wall Street.