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Wall Street dips

Monday, October 03, 2016 - 01:18

Financial and utilities stocks led Wall Street lower on the first day of the last quarter. Fred Katayama reports.

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Wall Street fell on the first trading day of the final quarter. Leading the markets lower: financial and utilities stocks. Concerns over Deutsche Bank's attempts to strike a settlement with U.S. authorities over a $14 billion fine weighed on bank stocks. Steve Wood of Russell Investments: SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS, (ENGLISH) SAYING: "There's a lot of moving pieces. There's some headline risk with the elections. There are some banking issues taking place in Europe right now. But I think more than anything, it's daily volatility. The earnings cycle is soft." Mixed economic news. Factory activity rebounded in September. But auto sales fell for the second straight month despite big consumer discounts. Merger Monday: Janus Capital was sold to British asset manager Henderson Group in a $6 billion deal. Analysts say the deal could prompt speculation for more mergers in the sector. And Bass Pro Shops hooked Cabela's for $5.5 billion. The deal combines the top two hunting and fishing retailers in the U.S. Tesla shares rising after the maker of luxury electric cars reported a 70 percent increase in deliveries in the third quarter. In Europe, that Janus-Henderson merger deal helped drive the major indexes higher. German markets were closed for a public holiday.

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Wall Street dips

Monday, October 03, 2016 - 01:18