US stock fall as bank worries spread to Europe; Dow down 500

Stocks are tumbling on Wall Street Wednesday as worries about the strength of banks worsen on both sides of the Atlantic Ocean. The S&P 500 was 1.4 per cent lower in early trading, while markets in Europe slumped even further as shares of Switzerland’s Credit Suisse tumbled to a record low. The Dow Jones Industrial Average and the Nasdaq composite also fell sharply at the open. Credit Suisse shares tanked following reports that its top shareholder won’t pump more money into the bank. Three recent bank failures in the U.S. have investors on edge, and the Credit Suisse news prompted renewed selling in bank stocks both in the US and Europe.

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