Wall Street pressured on Deutsche Bank and Brexit concerns
|Wall Street closed lower today on yet further concerns escalating up again over Brexit and Deutsche Bank liquidity concerns.
The Dow Jones Industrial Average dropped 54.30 points, or 0.3%, to close at 18,253.85, with Travelers Co and Procter&Gamble Co the heaviest stocks in the index. The S&P 500 Index fell 7.07 points, or 0.3%, to finish at 2,161.20 and the Nasdaq Composite index closed down 11.13 points, or 0.2%, at 5,300.87.
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U.S. data was overshadowed by investor concerns for a hard landing of a Brexit and major problems on the continent over Deutsche Bank's financial condition.
The U.S. manufacturing activity was a pleasant improvement back into expansion territory and adds to the corporate market's concerns that a rate hike could come as soon as November, as indicated earlier by Fed's Mester speaking on Bloomberg, Fed speakers stacked up this week - UOB. The Institute for Supply Management reported that its manufacturing index rose to 51.5% in September after falling into negative and contraction territory in August. US ISM Manufacturing: back above 50 - Wells Fargo
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