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Dow tumbles nearly 500 points as Credit Suisse stokes fears of bank failure contagion

Mar 15, 2023, 20:31 IST
Business Insider
Scott Olson/Getty Images
  • The Dow sank nearly 500 points Wednesday as concerns in the financial sector continued to swirl.
  • Shares of Credit Suisse tumbled more than 20%, stoking bank failure contagion fears.
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US stocks tumbled Wednesday, as the banking sector saw renewed turmoil — but this time focused on Europe.

US-listed shares of Credit Suisse plunged more than 20%, as Saudi backers ruled out further investment in the embattled lender.

Since regulators shut down Silicon Valley Bank on Friday, investors have been concerned about another 2008-style financial crisis. On Tuesday, Moody's cut its outlook for the entire US banking system.

Meanwhile, the Labor Department reported wholesale prices posted a monthly decline of 0.1% in February, versus expectations for a 0.3% increase.

Here's where US indexes stood as the market opened at 9:30 a.m. on Wednesday:

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Here's what else is going on:

In commodities, bonds, and crypto:

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