The U.S. stock market skidded on Thursday as investors fretted over Deutsche Bank’s deteriorating balance sheet and the possibility of European bank woes spilling over to the global financial markets. The S&P 500 fell 20 points, or 0.9%, to close at 2,151 while the Dow Jones Industrial Average shed 195 points, or 1.1%, to finish at 18,143. The Nasdaq Composite Index dropped 49 points, or 0.9%, to close at 5,269. Deutsche Bank’s U.S.-listed shares tanked 6.7% as analysts warned that portfolio managers are obligated to offload the stock due to their fiduciary duties.
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