US stock fall as bank worries spread to Europe; Dow down 500.
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. Three recent bank failures in the U.S.
Banks have struggled for the better part of the year as higher interest rates has fewer people and businesses taking out loans, part of the Federal Reserve’s goal as it tries to cool the economy and bring down four-decade high inflation. 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.
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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