Stocks turn lower as drugmakers drag health stocks down

EpiPen maker Mylan and other drug companies are lower as they face scrutiny over price increase.

Banks are taking large losses as investors worry about the stability of Deutsche Bank and other financial institutions.

Mylan slumped after a group of senators asked the Department of Justice to investigate whether the drugmaker broke the law when it classified its emergency allergy shot EpiPen as a generic drug, which allowed Mylan to make lower rebate payments to states.

Other drug companies traded lower as investors worry that the government will take action to rein in drug price increases.

Quincy Krosby, market strategist for Prudential Financial, said investors don't trust Deutsche Bank's statements about its financial health and they are worried what will happen if the bank runs low on capital.

Oil prices continued to rise Thursday after a 5 percent surge the day before.

Energy prices had jumped after the nations of OPEC, which collectively produce more than third of the world's oil, agreed to a small cut in production.

Companies that drill for oil rose sharply as investors expected them to benefit from higher prices for crude.

Media companies CBS and Viacom rose after Sumner Redstone's National Amusements, which controls both companies, said it wants them to combine again.

Viacom, which recently replaced its CEO and then announced its interim CEO will leave in November, rose $1.26, or 3.4 percent, to $37.82 and CBS rose 45 cents to $54.60.

Japan's benchmark Nikkei 225 index jumped 1.4 percent and in South Korea the Kospi advanced 0.8 percent.