Stocks Recede on Banking Woes

Stocks fell Friday as a drop in shares of Deutsche Bank in Europe raised investor fears about the banking sector once again.

The Dow Jones Industrials stumbled 229.92 points to 31,875.33.

The S&P 500 dipped 28.06 points to 3,920.66.

The NASDAQ Composite hesitated 83.59 points to 11,703.76.

Deutsche Bank’s U.S.-listed shares slid about 7% after the German lender’s credit default swaps jumped, but without an apparent catalyst.

The move appeared to raise concerns once again over the health of the European banking industry. Earlier this month, Swiss regulators forced a UBS acquisition of rival Credit Suisse.

Shares of major U.S. banks were under pressure. Citigroup, JPMorgan Chase and Wells Fargo shares fell more than 2% each. Bank of America shares slid more than 1%.

Prices for the 10-year Treasury gained ground, lowering yields higher to 3.35% from Thursday’s 3.40%. Treasury prices and yields move in opposite directions.

Oil prices sagged $1.31 to $68.65 U.S. a barrel.

Gold prices gained $1.80 to $1,997.70 U.S. an ounce.