Dow skids 723 points, U.S. stocks drop as Credit Suisse woes rattle markets

U.S. stocks were touching fresh session lows in early afternoon trade Wednesday as shares of Swiss banking giant Credit Suisse tumbled to a record low. The Dow Jones Industrial Average DJIA, -1.75% was off 721 points, or 2.2%, near 31,434, while the S&P 500 index SPX, -1.56% shed 2% and the Nasdaq Composite Index COMP, -0.96% was down 1.5%.

“With the Credit Suisse situation, the market is looking at the possibility of an extension of the banking crisis,” said Peter Cardillo, chief market economist at Spartan Capital Securities, pointing to pressures on shares of U.S. regional banks.Bloomberg reported on Wednesday that a key Credit Suisse CS, -22.31% shareholder ruled out adding to its stake in the lender.

Cardillo said investors were fleeing stocks for traditional haven assets on Wednesday, pointing to gold prices GC00, +1.27% rising 1.5%, the U.S. dollar’s DXY, +1.22% 1.3% gain against a basket of rival currencies and tumbling yields in the $24 trillion Treasury market. The 10-year Treasury rate TMUBMUSD10Y, 3.454% was down about 23 basis points on Monday to 3.4%, on pace for its biggest daily drop since November, after it shot up to 4% last week.

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