U.S. stocks opened sharply lower on Wednesday, wiping out all of the prior session’s gains and then some as a punishing selloff in shares of Credit Suisse CS, -25.08% reignited anxieties about the banking sector. The S&P 500 SPX, -1.41% fell 52 points, or 1.4%, to 3,862, while the Nasdaq Composite COMP, -1.00% fell by 121 points, or 1.1%, to 11,306.
The Dow Jones Industrial Average DJIA, -1.52% shed 514 points, or 1.6%, to 31,634. Investors also digested a raft of U.S. economic data, including a report on wholesale prices showing they declined by 0.1% last month, which was more than economists had expected. A report on retail sales showed spending at stores declined for the third time in four months, raising new fears about a slowdown in consumer spending.
Source: News Formal (newsformal.com)
This is concerning news for the markets. Keeping an eye on developments.
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Credit Suisse Stock Plunges To Record Low As Bank Concerns GrowTrading in Credit Suisse shares was halted as they fell by as much as 21% in Zurich on Wednesday. CSS is strong enough than SVB.
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STOCK MARKET NEWS: US stocks tumble, Credit Suisse shares fall sharplyWall Street falls sharply, Credit Suisse weighs on European banks. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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