iStock/Thinkstock(NEW YORK) — U.S. stocks closed lower Friday after investors fretted over the Fed’s policy meeting next week and a major sell-off in Deutsche Bank.
The Dow sunk 88.68 (-0.49 percent) to finish at 18,123.80.
The Nasdaq gave up 5.12 (-0.10 percent) to close at 5,244.57, while the S&P 500 finished at 2,139.16, down 8.10 (-0.38 percent) from its open.
Crude oil tumbled about 2 percent with prices hitting $43 a barrel.
Deutsche Bank: Wall Street closed lower Friday in part because of a major Deutsche Bank sell-off. Shares in the German bank plunged 9 percent after it was fined $14 billion by the U.S. government for its mortgage activities leading up to the financial crisis. In a statement, Deutsche Bank said it had “no intent to settle these potential civil claims anywhere near the number cited” and “the negotiations are only just beginning.”
Apple: Apple ended its four-day winning streak Friday, the day its new iPhone 7 and iPhone 7 Plus models officially hit stores. Despite shares closing down about 1 percent, the iPhone-maker’s stock was up over 11 percent for the week after carriers reported record numbers of pre-orders.
Federal Reserve: Investors are looking ahead to the Federal Reserve’s two-day policy meeting next week where the U.S. central bank will determine whether or not to raise interest rates this month. Experts believe there could be a rate hike before the end of the year, but say it will most likely happen in December.
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