The markets extended its losses during the midday with the Dow plunging 150 points to 18,111 ahead of the first presidential debate. Nasdaq dropped 42 points to 5,263.
Deutsche Bank denied rumors that it sought the assistance of the German government to intervene on its behalf with the U.S. Department of Justice. The Justice Department is seeking $14 billion to settle claims related to mortgage backed securities issued and underwritten by Deutsche Bank between 2005 and 2007. The German government has ruled out any assistance for the bank.
Another potential bidder for Twitter has surfaced. Disney is reportedly working with a financial advisor on a possible deal to acquire the social networking service. Twitter has struggled to expand its user base and is transitioning from a microblogging site to a media company with its live-streaming of NFL Thursday night football games.
OPEC members along with other oil exporters are meeting informally in Algeria this week during the International Energy Forum. Oil prices have plunged the past two years as crude oil output has climbed. To stabilize prices, oil producing nations must agree to production limits. Iran has indicated that an output agreement would be unlikely.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 tumbled 16 points to 2,148. Bitcoin climbed $5 to $605.
