Stocks fall for 2nd day as banks slide

U.S. stocks slumped Monday, and banks took the biggest losses. Deutsche Bank plunged as investors worried about the financial health of Germany’s largest bank. Pfizer pulled drugmakers down after it announced that it won’t break up into two companies.

Stocks fell for the second day in a row. Banks were hurt by a drop in bond yields. Consumer companies fell as home improvement retailers were affected by a slowdown in sales of new homes.

European banks tumbled after the German magazine Focus said Deutsche Bank won’t get a government bailout if it asks for one. Focus cited “government circles” as its source.

Focus’ article also said the German government won’t help Deutsche Bank by intervening with U.S. officials who want the bank to pay $14 billion to end an investigation into its sale of mortgage-backed securities. The bank’s U.S.-listed shares tumbled 7.1% to $11.85 and are down 51% this year.

Other banks fell too. Goldman Sachs took the largest loss among Dow stocks, falling 2.2% to $161.48.

Bond prices rose. The yield on the 10-year U.S. Treasury note fell to 1.58% from 1.62%.

Pfizer slid 1.8% to $33.64 after it said it will not split into two smaller companies.

Oil prices jumped as investors monitored a meeting of oil producers. Benchmark U.S. crude rose 3.3% to $45.93 a barrel. Brent crude rose $3.2% to $47.35. Oil exploration firm Transocean climbed 4.6% to $9.52.

CBOE Holdings, the parent of the Chicago Board of Exchange, will buy stock exchange operator Bats Global Markets for $3.2 billion, or $32.50 in cash and stock per share of Bats. Bats stock, which jumped 20% Friday as investors hoped for a deal, fell 4.6% to $30.35. CBOE stock sank 5.3% to $66.59.

Casual clothing retailer Lands’ End skidded 14.1% to $15.46 after the departure of its chief executive.