U.S.-listed shares of Deutsche Bank
soared 13% on Friday on an AFP report that the German bank is close to settling a Department of Justice probe for $5.4 billion. If confirmed, the penalty is significantly below the $14 billion initially proposed by the authorities. The French wire service cited an anonymous source and have yet to provide additional details on the deal. Concerns about Deutsche Bank had battered global stocks this week as investors had fretted over the possibility of a contagion effect on the banking industry. The S&P 500
recovered from the previous session's selloff to trade up 0.9% to 2,169, poised for a weekly gain of 0.2%. [Updated with breaking news.]
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Remember that the stock market is a manic depressive.