Transcript for US stocks drop as concerns grow over Germany’s Deustche Bank
- US stocks have dropped sharply after new concerns over Germany's Deutsche Bank. ABC News Business Reporter Alexis Christoforous has more on that and your other business headlines. Alexis, what are you watching today?
- Watching those bank stocks back in the headlines. Diane. Stocks sharply lower this Friday after investors continue to worry about the health of the global banking system. So despite actions by regulators and central banks recently, Wall Street doesn't seem convinced that the worst is over for our banks, which are experiencing their biggest declines since the 2008 financial crisis. Investors are dumping shares of Germany's Deutsche Bank for the third straight day after a sharp jump in the cost of insuring its bonds against the risk of default. Here at home, investors once again unloading shares of regional banks that includes First Republic and PacWest. Instead, investors heading over to the safety of government bonds on both sides of the Atlantic.
Meanwhile, a new survey finds most Americans doubt their children will be better off than they are. The Wall Street Journal NORC poll surveyed over a thousad adults, and 78% said they believe that life for their children's generation will not be as good as theirs, mainly because they're losing faith in the power of a college education to move them up the economic ladder. 56% of respondents said that a four-year college degree wasn't worth the cost because people often graduate without specific job skills and loads of debt. The survey also found roughly 4 in 10 people said health care and housing costs are their biggest worries. Nearly 2/3 said inflation is a major concern.
And the Chevy Camaro is driving off into the sunset. GM says it will stop making the current generation of the muscle car after the 2024 model. While the Camaro remains popular on the race car circuit, sales have been slipping in recent years, especially outside the US. But don't give up hope, you Camaro fans, because GM says a successor to the Camaro is in the works. It will most likely, though, Diane, be an electric vehicle. By the way, GM hopes to have all of its vehicles electric by 2035.
- We'll be plugging in instead of getting gas.
DIANE MACEDO: Alexis, thank you. And if you want to ask Alexis any personal finance questions, leave a message on our Instagram feed, @ABCNewsLive. She just might answer your questions right here this Thursday.
This transcript has been automatically generated and may not be 100% accurate.