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.

It's all interconnected and unavoidable

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market Today: Dow Futures Drop 600 Points, Credit Suisse Stock Price Down 25%The Dow dropped more than 500 points as banking fears increased and Credit Suisse shares tumbled. Treasury yields fell sharply. Probably good for inflation. “Edna! Get my broker on the line! We’re putting everything in Gold! We’re circling the drain! And bring the Maker’s Mark with you!”
Source: WSJ - 🏆 98. / 63 Read more »

Stock Market Today: Dow down over 400 points as Credit Suisse drop renews banking fearsTreasury yields plunge as market factors in Fed interest-rate cuts by year-end Cuts… 😂 the system is broken. They need to hike but the banking system can’t handle it so now they panic and go back down? Fens sinking their fangs If this happens, we're going to see ridiculous inflation that would make us wish we had just $10 eggs...
Source: MarketWatch - 🏆 3. / 97 Read more »

Stock market today: Dow Jones down 600 pts on Credit Suisse routDow dives over 600 points as Credit Suisse selloff injects fresh unease into markets to your portfolio... 'Great, now I'm feeling so much better about my investments!'
Source: BusinessInsider - 🏆 729. / 51 Read more »