Stocks fell on Friday with weakness in financial stocks. But for the week, the major U.S. indexes posted gains. Bobbi Rebell reports.
Wall St falls; risk of Deutsche Bank fine hits banks
Stocks closing to the downside on Friday on weakness in financials and lingering uncertainty about when the Fed will hike interest rates. For the week, stocks were higher.
Kevin Kelly of Recon Capital:
(SOUNDBITE) KEVIN KELLY, CHIEF INVESTMENT OFFICER, RECON CAPITAL (ENGLISH) SAYING:
“We are starting to see a lot more volatility sneak into the market, and that is sort of normal, because volatility has been suppressed over the last couple years, and it has really dictated on what is going to happen with the Fed that is the next catalyst that is going to dictate the market move one way or another. “
Deutsche Bank’s U.S.-listed shares dropped sharply. The German bank said it would fight a $14 billion demand from the U.S. Department of Justice to settle claims it mis-sold mortgage-backed securities.
Intel raised its quarterly revenue forecast for the first time in more than two years, n part because of improving PC demand.
Twitter stock a winner. The company’s first National Football League live streaming of a football game on Thursday night was seen as a success.
In Europe, shares closed at six-week lows on concerns on weakness in financials led by Deutsche Bank.