The banking crisis continued for another day as stocks fell and bond yields plunged.
The S&P 500 sank as much as 2.1% before ending the day with a loss of 0.7%, while markets in Europe fell more sharply as shares of Switzerland’s Credit Suisse dropped to a record low. The Dow Jones Industrial Average lost 280 points, or 0.9%, after dropping as much as 725 points. The Nasdaq composite rose 0.1% after erasing a steep decline.
The heaviest losses were focused on smaller and midsize banks, which are seen as more at risk of having customers try to pull their money out en masse. Larger banks also fell, but not by quite as much.the aftermath of the 1987 stock crashThe yield has fallen around 100 basis points, or a full percentage point, since Wednesday, marking the largest three-day decline since Oct. 22, 1987, when the yield fell 117 basis points. That move followed the Oct.
The situation on Wall Street could have been much worse, except that Swiss regulators pledged a liquidity lifeline to Credit Suisse after the flagship Swiss lender’s sharesThe 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. Investors were concerned after the Saudi National Bank, Credit Suisse’s largest investor, said it could not provide any more funding.
A database from the conservative Claremont Institute shows the bank donated around $73,450,000 to the BLM movement and other social justice-related causes.
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