- Dow Closes Down 280 Points: As Swiss National Bank Vows to Bail Out Credit Suisse ‘If Necessary’ in Bid to Calm Investors’ Nerves After Shares Tanked Up To 30% in Wake of SVB Collapse
by KEITH GRIFFITH and JAMES REYNOLDS FOR DAILYMAIL.COM, https://www.dailymail.co.uk/
* Wall Street’s main stock indexes dropped on Wednesday on fresh concerns
* Worries related to Credit Suisse spurred fears of further banking crisis
* The Big Four trillion-dollar US banks bled away yesterday’s gains in early trading
Turmoil at Credit Suisse crept across the pond on Wednesday, driving Wall Street lower on renewed fears of a banking crisis following the collapse of Silicon Valley Bank. At the closing bell, the S&P 500 Banks Industry Group Index dropped 3.62 percent, and the Dow Jones Industrial Average fell 279 points, or 0.87 percent. The major US stock indexes regained some ground in late trade, after the Swiss National Bank said it could provide liquidity assistance to troubled Credit Suisse if needed.