Market Recap – September 29, 2016

market-downThe market was down today on the lack of news that Germany had a rescue plan for Deutsche Bank.   As of this afternoon, global banks and other investor were pulling money out of Deutsche Bank which has seen their shares down after the Justice Department fined the bank a record $14 billion for it’s part in the toxic mortgages.  Deutsche Bank shares off 60% of the year.

In U.S. markets, the Dow was down 195 points while the Nasdaq was off nearly 50 points from yesterday’s close.  The S&P 500 was down 20.24 points.

Oil is still trading near yesterday’s close as the market awaits more details of OPEC’s agreement yesterday on freezing oil production.

In company news, Costco reported a surprising earnings report after the market closed today sending the shares up in after market trading.