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