US stocks fell broadly by midday Wednesday as the financial troubles of leading Swiss investment banker Credit Suisse appeared to exp
NEW YORK (Pakistan Point News / Sputnik - 15th March, 2023) US stocks fell broadly by midday Wednesday as the financial troubles of leading Swiss investment banker Credit Suisse appeared to expand the US banking crisis to Europe.
The Dow Jones Industrial Average, which serves as Wall Street's broadest equities indicator with stocks of 30 large US corporations, was down 665 points, or 2.1%, to 31,491 by 12:15 p.m. ET (16:15 GMT).
The S&P 500 Index, which represents the top 500 US stocks, was down 74 points, or almost 2%, to 3,846.
The Nasdaq Composite Index, which comprises marquee names in technology such as Amazon, Apple, Netflix and Google, was down 141 points, or 1.2%, to 11,287.
Credit Suisse's share price plunged 28% in the biggest one-day selloff on record, leaving it down more than 75% over the past year, as questions grew about its solvency.
The crisis at Credit Suisse came into greater focus on Wednesday after its biggest shareholder Saudi National Bank responded with an emphatic "absolutely not" when asked if it was open to doing further cash injections into the Zurich-based investment bank, according to reports.
