Wall Street declines amid renewed concerns about banking system

‏US stock indices declined on Friday amid renewed concerns about the banking system crisis and its impact on global economy. 

Deutsche Bank Rears its Head

Concerns about the banking sector magnified again after a sudden increase the costs of insuring Deutsche Bank's debts.

Banking stocks in Europe fell in unison today in European markets, triggering concerns about a continuation of the crisis. 

Deutsche Bank's New York Exchange listed stock fell 6.75% to $9, while falling over 9% in the Frankfurt Exchange. 

Data

US durable goods orders fell 1% in February for the second month, missing estimates of a 0.4% increase.

Core orders, excluding transportation, were flat, missing estimates of a 0.2% increase.

The US manufacturing PMI rose to 49.3 this month from 47.3 in February, beating expectations of 47. 

The services PMI rose to 53.8 this month from 50.6 in the previous reading. 

On trading, Dow Jones fell 0.7%, or 215 points to 31,889, while S&P 5900 declined 0.7%, or 28 points to 3,920, as NASDAQ shed 0.9%, or 107 points to 11,680.