Stocks tumble on Wall Street on renewed fears about banks

Traders work on the floor at the New York Stock Exchange in New York, Wednesday, March 15, 2023. – Stocks are back to falling on Wall Street Wednesday as worries worsen about the strength of banks on both sides of the Atlantic.Switzerland’s Credit Suisse tumbled

Wall Street’s harsh spotlight has intensified across the banking industry recently on worries about what may crack next following thein U.S. history over the last week. Stocks of U.S. banks tumbled again Wednesday after enjoying a brief, one-day respite on Tuesday. Much of the damage is seen as the result of the Federal Reserve’s fastest barrage of hikes to interest rates in decades. The Fed has pulled its key overnight rate to a range of 4.50% to 4.75%, up from virtually zero at the start of last year, in hopes of driving down painfully high inflation.

There's still great uncertainty about the banking industry as it struggles to absorb the past year's blizzard of rate hikes following years of historically easy conditions. In his annual letter to investors, BlackRock CEO Larry Fink pointed to prior eras of rising rates that led to “spectacular financial flameouts,” such as the yearslong savings and loan crisis.

Weaker-than-expected economic reports released Wednesday may have allayed some of those worries. One showed that The yield on the 10-year Treasury dropped to 3.42% from 3.69%. It helps set rates for mortgages and other important loans.

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