Stocks open sharply lower as Credit Suisse woes amplify bank fears

U.S. stocks opened sharply lower Wednesday, feeling renewed pressure as a tumble for Swiss lender Credit Suisse amplified worries about the U.S. banking sector after last week's collapse of Silicon Valley Bank. The Dow Jones Industrial Average fell 490 points, or 1.5%, while the S&P 500 dropped 1.4% and the Nasdaq Composite slumped 1.1%. Swiss banking giant Credit Suisse on Wednesday saw its shares fall to a new record low, pressuring the broader market and the rest of the European banking sector days after two lenders collapsed in the U.S.

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