The Dow opened the day with a decline of more than 500 points Wednesday as banking fears spread across global markets
The S&P and Nasdaq slipped roughly 2% and 1.5%, respectively. Shares of embattled Swiss lender Credit Suisse were down by more than 20% after its biggest shareholder chose not to increase its funding. That comes after the bank cited “material weakness” in its financial reporting Tuesday and got rid of executive bonuses. Shares of US banks also fell: Wells Fargo was down 4.9% and JPMorgan Chase stock dropped 3.6%.
CNN’s Fear & Greed Index was at 22 Wednesday morning, indicating extreme fear in the market. Markets also digested the latest economic data giving insight into the state of inflation. The Producer Price Index, a metric measuring prices paid for goods and services by businesses before they’re sold to customers, fell to 4.6% for the 12 months ended in February. At the same time, US retail sales fell 0.
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