Stocks are tumbling on Wall Street Wednesday as worries about the strength of banks worsen on both sides of the Atlantic Ocean. The S&P 500 was 1.4% lower in early trading, while markets in Europe slumped even further as shares of Switzerland’s Credit Suisse tumbled to a record low. The Dow Jones Industrial Average and the Nasdaq composite also fell sharply at the open. Credit Suisse shares tanked following reports that its top shareholder won’t pump more money into the bank.
Investors returned to the bond market Wednesday, sending yields lower again after they recovered somewhat the previous day. The 2-year yield fell back down to 4.05% from 4.25% late Tuesday, and the yield on the 10-year slid to 3.53% from 3.69%. Investors fear the Fed might respond to enduring upward pressure on prices by speeding up the pace of interest rate increases to dampen economic activity and inflation.over how to respond when banks already are under strain after the fastest pace of rate hikes in a decade knocked down prices of their assets.and regulators have tried to assure the public that risks are contained and deposits in other banks are safe.
In European trading, London’s FTSE 100 tumbled 2.4% at midday, the DAX in Frankfurt retreated 2.8% and the CAC 40 in Paris skidded 3.4%.
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