Stocks are back to falling on Wall Street Wednesday as worries worsen about the strength of banks on both sides of the Atlantic.
The S&P 500 was 1.3% lower in midday trading, while markets in Europe fell more sharply as shares of Switzerland’s Credit Suisse tumbled to a record low. The Dow Jones Industrial Average was down 461 points, or 1.4%, at 31,694 as of 11:15 a.m. Eastern time after earlier being down as many as 639 points. The Nasdaq composite was 0.9% lower.
Credit Suisse has been fighting troubles for years, including losses it took from the 2021 collapse of investment firm Archegos Capital. Its shares in Switzerland sank more than 16% following reports that its top shareholder won’t pump more money into its investment.
