U.S stocks headed lower on Friday, dragged down by financial and energy companies. The Dow Jones index is down 0.51% so far today with only four companies trading higher out of 30 constituents making up the benchmark. Intel Corp. led gainers, jumping 2.22% after raising its sales forecast for the third quarter as it saw “some signs of improving PC demand.”
Sentiment towards lenders soured after Deutsche Bank stated that it would rebuff the demand for $14 billion from the U.S. Justice Department to settle an investigation into its sale of residential mortgage-backed securities around the 2008-09 sub prime mortgage crisis. Goldman Sachs dipped by 1.01% while JPMorgan Chase ticked down 1.37%.
Crude Oil hit one-month lows as attention shifted towards increasing exports from OPEC-members Iran, Libya and Nigeria, dragging down oil company shares. Chevron and Exxon Mobil fell 1.36% and 1.08%, respectively.
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