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Stocks skid as drugmakers and banks take a hit

Stocks skid as drugmakers and banks take a hit

U.S. stocks skidded Thursday as drug companies and banks absorbed large losses. Drugmakers faced scrutiny over price increases, while banks fell as investors worried about the stability of Deutsche Bank and other financial institutions.

Stocks fell hard on renewed concerns about Germany's largest bank. EpiPen maker Mylan sank after legislators called for an investigation of the company. The price of oil continued to rise, which sent oil drilling and equipment companies higher. Stocks gave up most of their gains from the last two days.

Quincy Krosby, market strategist for Prudential Financial, said investors don't trust Deutsche Bank's statements about its financial health...

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