![]() ![]() "We're seeing the bank turmoil that started in Silicon Valley, it's really spreading across the globe," said Edward Moya, senior market analyst at Oanda. Attention turned to the big banks on Wednesday. Both were casualties of poor management in the face of eight interest rate hikes by the Federal Reserve in the last 12 months. In recent days, a crisis in the financial sector has centered around regional banks, as Silicon Valley Bank and Signature Bank collapsed. U.S.-listed shares of Credit Suisse closed nearly 14% lower. The news came after the Swiss lender said earlier this week it had found "certain material weaknesses in our internal control over financial reporting" for the years 20. Investors were concerned after the Saudi National Bank, Credit Suisse's largest investor, said it could not provide any more funding. The indexes regained some ground in afternoon trading following an announcement from a Swiss regulator that the country's central bank would give Credit Suisse liquidity if necessary. The Dow at one point was down 725 points, and the S&P 500 briefly gave up all of its 2023 gains. The major averages ended the day well off their session lows. ![]() The Nasdaq Composite eked out a small gain, rising 0.05% to 11,434.05. ![]() The Dow Jones Industrial Average fell Wednesday as concern over a banking crisis spreading to Europe pressured the broader market. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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