Dow closes more than 250 points lower as bank crisis spreads to Europe
(Image by Oleg Gamulinskiy from Pixabay)
(CNBC) -- The Dow Jones Industrial Average fell Wednesday as investors contemplated the future of Credit Suisse, a bank with a large international and U.S. presence, and peers.
The Dow Jones Industrial Average ended 280.83 points, or 0.87%, lower at 31,874.57. The S&P 500
dropped 0.7% to 3,891.97, while the Nasdaq Composite was up just 0.05% at 11,434. The major averages, however, were well off their session lows. The Dow at one point was down 725 points, and the S&P 500 briefly gave up all of its 2023 gains.
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The indexes regained some ground in afternoon trading following announcement from a Swiss regulator that the country’s central bank would give Credit Suisse liquidity if necessary. Investors were concerned earlier in the day after the Saudi National Bank, Credit Suisse’s largest investor, said Wednesday it could not provide any more funding, according to a Reuters report.
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