Wall Street dip on a bad day for drug companies and banks

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"2">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>US stocks fell on Thursday as drug companies and banks absorbed large losses&period;<&sol;p>&NewLine;<p>Drugmakers faced scrutiny over price increases&comma; while banks fell as investors worried about the stability of Deutsche Bank and other financial institutions&period;<&sol;p>&NewLine;<p>Stocks were slightly lower in morning trading&comma; and they fell hard at 12&period;30pm&period; Eastern time on renewed concerns about Germany&&num;8217&semi;s largest bank&period; EpiPen maker Mylan fell after legislators called for an investigation of the company&period;<&sol;p>&NewLine;<p>The price of oil continued to rise&comma; which sent oil drilling and equipment companies higher&period; Stocks gave up most of their gains from the last two days&period;<&sol;p>&NewLine;<p>Quincy Krosby&comma; market strategist for Prudential Financial&comma; said investors do not trust Deutsche Bank&&num;8217&semi;s statements about its financial health and they are worried what will happen to the bank and to the broader financial system if Deutsche Bank runs low on capital&period;<&sol;p>&NewLine;<p>&&num;8220&semi;The market begins to worry about Deutsche Bank and then the relationships Deutsche Bank has with other banks here in the United States&comma;&&num;8221&semi; she said&period;<&sol;p>&NewLine;<p>The Dow Jones industrial average lost 195&period;79 points&comma; or 1&period;1&percnt;&comma; to 18&comma;143&period;45&period; The Standard &&num;038&semi; Poor&&num;8217&semi;s 500 index sank 20&period;24 points&comma; or 0&period;9&percnt;&comma; to 2&comma;151&period;13&period; The Nasdaq composite dropped 49&period;39 points&comma; or 0&period;9&percnt;&comma; to 5&comma;269&period;15&period;<&sol;p>&NewLine;<p>Mylan slumped after a group of senators asked the Department of Justice to investigate whether the drugmaker broke the law when it classified its emergency allergy shot EpiPen as a generic drug&comma; which allowed Mylan to make lower rebate payments to states&period;<&sol;p>&NewLine;<p>Mylan gave up 1&period;75 dollars&comma; or 4&period;4&percnt;&comma; to 38&period;47 dollars&period; The stock is down 21&percnt; since mid-August as the company has come under criticism for repeatedly raising EpiPen&&num;8217&semi;s price over the last decade&period;<&sol;p>&NewLine;<p>Other drug companies traded lower as investors worry that the government will take action to rein in drug price increases&period; Merck fell 1&period;39 dollars&comma; or 2&period;2&percnt;&comma; to 61&period;91 dollars&period; <&sol;p>&NewLine;<p>Amgen fell 4&period;26 dollars&comma; or 2&period;5&percnt;&comma; to 165&period;45 dollars&period;<&sol;p>&NewLine;<p>Financial stocks slumped on renewed worries about Deutsche Bank&period; US regulators are seeking 14 billion dollars to settle legal claims over its sales of mortgage securities&period; <&sol;p>&NewLine;<p>It is also unclear whether the German government would support the bank if it runs low on capital&period; Deutsche Bank has said it is not seeking government aid&period;<&sol;p>&NewLine;<p>Deutsche Bank&&num;8217&semi;s US-listed shares have lost more than half their value this year&period; On Thursday they tumbled 82 cents&comma; or 6&period;7&percnt;&comma; to 11&period;48 dollars in heavy trading&period;<&sol;p>&NewLine;<p>JP Morgan Chase slid 1&period;06 dollars&comma; or 1&period;6&percnt;&comma; to 65&period;65 dollars and Goldman Sachs shed 4&period;50 dollars&comma; or 2&period;8&percnt;&comma; to 158&period;95 dollars&period;<&sol;p>&NewLine;<p>Oil prices continued to rise after a 5&percnt; surge the day before&period; Energy prices had jumped after the nations of Opec&comma; which collectively produce more than third of the world&&num;8217&semi;s oil&comma; agreed to a small cut in production&period; <&sol;p>&NewLine;<p>The decision was a surprise&comma; but something investors had long hoped for&period; The deal will not be finalised until November&period;<&sol;p>&NewLine;<p>US crude picked up 78 cents&comma; or 1&period;7&percnt;&comma; to 47&period;83 dollars a barrel in New York&period; Brent crude&comma; the international benchmark&comma; added 55 cents&comma; or 1&percnt;&comma; to 49&period;24 dollars a barrel in London&period;<&sol;p>&NewLine;<p>Companies that drill for oil rose sharply as investors expected them to benefit from higher prices for crude&period; Devon Energy added 1&period;46 dollars&comma; or 3&period;5&percnt;&comma; to 43&period;04 dollars&period;<&sol;p>&NewLine;<p>Companies that provide rigs and other equipment to drillers also rose as investors expected that higher prices for crude will encourage more drilling&period;<&sol;p>&NewLine;<p>Helmerich &&num;038&semi; Payne rose 2&period;48 dollars&comma; or 4&percnt;&comma; to 65&period;26 dollars&period; Companies that refine oil fell on the prospect they will have to pay more money for the oil they refine&period;<&sol;p>&NewLine;<p>Petroleum fell 2&period;90 dollars&comma; or 6&period;8&percnt;&comma; to 39&period;74 dollars and Valero Energy lost 3&period;40 dollars&comma; or 6&period;2&percnt;&comma; to 51&period;71 dollars&period;<&sol;p>&NewLine;<p>ConAgra Foods climbed after its profit surpassed analysts&&num;8217&semi; forecasts&comma; thanks in part to lower costs&period;<&sol;p>&NewLine;<p>The company has sold several brands to focus on product lines like Chef Boyardee and Hebrew National&comma; and it is getting ready to split into two companies&period; <&sol;p>&NewLine;<p>ConAgra rose 3&period;12 dollars&comma; or 7&period;2&percnt;&comma; to 46&period;25 dollars&period;<&sol;p>&NewLine;<p>CBS and Viacom rose after Sumner Redstone&&num;8217&semi;s National Amusements&comma; which controls both companies&comma; said it wants them to combine again&period; <&sol;p>&NewLine;<p>CBS and Viacom had merged in 1999 and split up in 2006&period; Viacom&comma; which recently replaced its chief executive and then announced its interim chief executive will leave in November&comma; rose 1&period;21 dollars&comma; or 3&period;3&percnt;&comma; to 37&period;77 dollars and CBS rose 42 cents to 54&period;57 dollars&period;<&sol;p>&NewLine;<p>Chipmakers Qualcomm and NXP Semiconductors surged after the Wall Street Journal reported that Qualcomm is in talks to buy NXP&period; It said Qualcomm is considering other deals&comma; but a purchase of NXP could be worth more than 30 billion dollars&period;<&sol;p>&NewLine;<p>Bond prices moved higher&period; The yield on the 10-year Treasury note fell to 1&period;56&percnt; from 1&period;57&percnt;&period;<&sol;p>&NewLine;<p>In other energy trading&comma; wholesale petrol fell one cent to 1&period;47 dollars a gallon&period; Heating oil rose two cents to 1&period;51 dollars a gallon&period; Natural gas shed four cents to 2&period;96 dollars per 1&comma;000 cubic feet&period;<&sol;p>&NewLine;<p>Germany&&num;8217&semi;s Dax lost 0&period;3&percnt;&period; Britain&&num;8217&semi;s FTSE 100 climbed 1&percnt; and the CAC 40 in France rose 0&period;3&percnt;&period; Japan&&num;8217&semi;s benchmark Nikkei 225 index jumped 1&period;4&percnt; and in South Korea the Kospi advanced 0&period;8&percnt;&period;<&sol;p>&NewLine;<p>Hong Kong&&num;8217&semi;s Hang Seng rose 0&period;5&percnt;&period;<&sol;p>&NewLine;<p>Gold rose 2&period;30 dollars to 1&comma;326 dollars an ounce&period; Silver gained seven cents to 19&period;19 dollars an ounce&period; Copper was flat at 2&period;19 dollars a pound&period;<&sol;p>&NewLine;<p>The dollar jumped to 101&period;07 yen from 100&period;75 yen&period; The euro inched up to 1&period;1216 from 1&period;1214 dollars&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed199f75bcc">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; 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