Pressure on the financial sector grew with shares of Credit Suisse, a Swiss Bank with large U.S. operations, tumbling more than 20%.
, which jumped 9.49%. The company is the parent company of container shipping firm Orient Overseas Container Line.Indicators confirm to BofA that U.S. is in downturn and cash beats stocks
Going back to 1990, similar conditions prevailed seven times, with the downturn lasting an average 12 months , BofA said.
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