(CBS) — Stocks closed sharply lower Thursday as concerns surrounding Deutsche Bank spread across the banking sector and financial markets at large.

The S&P 500 dropped 20, the NASDAQ lost 49, and the Dow Jones Industrial Average shed nearly 196 points, settling to 18,143.

“We got hit in the head with this two-buy-four, this news that some Deutsche Bank hedge fund clients are starting to pull assets out of the firm’s prime brokerage business,” said Mike Larson, Interest Rate & Real Estate Analyst at Money and Markets in Jupiter, Fla.  “As soon as you saw that news, pretty much people hit the sell button and got out of the market.”


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