Markets Right Now: Banks lead a slump in US stocks

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

4:00 p.m.

Banks led a broad decline on Wall Street as interest rates fell and the stock of a major German bank dropped sharply.

Deutsche Bank's U.S.-listed shares slumped 7 percent Monday after a report that the German government won't intervene with U.S. officials who are pressing the bank to pay $14 billion in fees over mortgage securities.

Drugmakers also fell after Pfizer said wouldn't split up into two companies, as many had hoped. Pfizer fell 2 percent.

The Dow Jones industrial average slumped 166 points, or 0.9 percent, to 18,094.

The Standard & Poor's 500 index slid 18 points, or 0.9 percent, to 2,146. The Nasdaq composite fell 48 points, or 0.9 percent, to 5,257.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.58 percent.

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11:45 a.m.

U.S. stocks are slumping in midday trading, led by declines in banks and drugmakers.

Oil and gas companies bucked the downward trend Monday and were moving higher in tandem with energy prices.

Goldman Sachs slumped 2 percent, the biggest drop in the Dow Jones industrial average, while Chevron edged up 0.3 percent.

Drugmaker Pfizer fell 2 percent after saying it will not split itself into two companies. That ended years of speculation.

The Dow lost 148 points, or 0.8 percent, to 18,113. The Standard & Poor's 500 index slid 15 points, or 0.7 percent, to 2,149. The Nasdaq composite fell 42 points, or 0.8 percent, to 5,262.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.58 percent.

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9:40 a.m.

U.S. stocks are falling Monday morning and following Asian and European indexes lower.

Banks and technology companies are taking the biggest losses. Citigroup and Morgan Stanley sank 2 percent. Alphabet and Cisco Systems both fell 1 percent.

Drugmaker Pfizer is down 1 percent after it said it will not split itself into two companies. That ended several years of speculation.

Specialty chemicals maker Chemtura jumped 16 percent after Lanxess of Germany agreed to buy it for $2.5 billion.

Energy companies rose as the price of oil jumped 2 percent.

The Dow Jones industrial average lost 148 points, or 0.8 percent, to 18,113. The Standard & Poor's 500 index slid 14 points, or 0.7 percent, to 2,150. The Nasdaq composite fell 42 points, or 0.8 percent, to 5,262.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.60 percent.