US stocks plummet on renewed fears over banks
Stocks are tumbling on Wall Street as worries about the strength of banks worsen on both sides of the Atlantic Ocean.
The S&P 500 is 1.4% lower in early trading, while markets in Europe slump even further as shares of Switzerland’s Credit Suisse tumble to a record low.
The Dow Jones Industrial Average and the Nasdaq composite also fall sharply at the open.
Credit Suisse shares tanked following reports that its top shareholder won’t pump more money into the bank.
Three recent bank failures in the US have investors on edge, and the Credit Suisse news prompted renewed selling in bank stocks both in the US and Europe.