U.S. stocks fell ahead of the presidential debate. But as Fred Katayama reports, concerns over global growth may have been a bigger factor dampening investor sentiment.
Banking and drug stocks pressured Wall Street as investors awaited the U.S. presidential debate Monday. Margie Patel of Wells Fargo Asset Managegment SOUNDBITE: MARGIE PATEL, SENIOR PORTFOLIO MANAGER, WELLS FARGO ASSET MANAGEMENT, (ENGLISH) SAYING: "It's more other factors. the same old macros list of factors people worry about: global growth rather than the outcome of the debate tonight. And I think the pressure in the healthcare stocks will continue regardless of the outcome of the election. I think the pressure will continue on prices." Weighing on financials: Reuters has learned Bank of America will cut about two dozen investment banking jobs in Asia. And Deutsche Bank fell. A German magazine reports Chancellor Angela Merkel decided not to give the lender state aid and will not interfere with the Justice Department's probe of the bank. Deutsche Bank and other banks also pulled stock markets down sharply in Europe. Pfizer says one is more than two. The pharmaceutical giant decided not to split itself into two companies after weighing the idea for years. Shares fell. Lands' End shares dropping after CEO Federica Marchionni said she's leaving her corner office and the board. New home sales fell in August, posting their biggest decline in almost a year. But analysts said the sales trend remains positive.