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Markets Right Now: Banks, energy stocks lead US market lower

Associated Press Associated Press 16/09/2016

NEW YORK — The latest on developments in global financial markets (all times local):

4:00 p.m.

Stocks are closing lower on Wall Street, led by declines in banks and energy companies.

Deutsche Bank plunged 9 percent Friday after saying it won't pay the $14 billion the U.S. government is asking for to settle claims over its handling of mortgage securities in the run-up to the 2008 financial crisis.

Big U.S. banks also fell. JPMorgan Chase and Citigroup each lost 1 percent.

Business software maker Oracle dropped 5 percent after its earnings fell short of analysts' forecasts.

The Dow Jones industrial average fell 88 points, or 0.5 percent, to 18,123.

The Standard & Poor's 500 index lost 8 points, or 0.4 percent, to 2,139. The Nasdaq composite declined 5 points, or 0.1 percent, to 5,244.

The yield on the 10-year Treasury note held at 1.69 percent.

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11:45 a.m.

Banks and energy companies are leading a broad decline in midday trading on Wall Street.

The U.S.-listed shares of Germany's Deutsche Bank plunged 9 percent Friday after the Department of Justice said the bank should pay $14 billion to settle claims over its handing of mortgage-backed securities.

Major U.S. banks also fell. JPMorgan Chase and Citigroup each lost 1 percent.

Business software maker Oracle dropped 4 percent after its earnings fell short of analysts' forecasts.

The Dow Jones industrial average fell 77 points, or 0.4 percent, to 18,133.

The Standard & Poor's 500 index lost 10 points, or 0.5 percent, to 2,136. The Nasdaq composite declined 14 points, or 0.3 percent, to 5,235.

Bond prices were little changed. The yield on the 10-year Treasury note held at 1.69 percent.

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9:35 a.m.

Banks and energy companies are leading a broad decline in early trading on Wall Street.

The U.S.-listed shares of Germany's Deutsche Bank plunged 9 percent Friday after the Department of Justice said the bank should pay $14 billion to settle claims over its handing of mortgage-backed securities.

Major U.S. banks also fell. JPMorgan Chase and Wells Fargo each lost 1 percent.

Business software maker Oracle dropped 3 percent after its earnings and revenue fell short of analysts' forecasts.

The Dow Jones industrial average fell 103 points, or 0.6 percent, to 18,111.

The Standard & Poor's 500 index lost 11 points, or 0.5 percent, to 2,135. The Nasdaq composite declined 17 points, or 0.4 percent, to 5,231.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.68 percent.

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