(MENAFN– Baystreet.ca) Dow Sheds 200+ as Regional Banks Capsize
The Dow Jones Industrial Average fell Thursday as regional banks slid once again on growing fears of a banking crisis in the U.S. and Europe.
The 30-stock index let go of 262.27 points to 31,612.30.
The S&P 500 fell 18.6 points to 3,873.33.
The NASDAQ Composite descended 15.18 points, to 11,418.87.
Credit Suisse announced overnight it will borrow up to nearly $54 billion from the Swiss National Bank to assure short-term liquidity. That offered some relief to the embattled bank after it fell to a record low Wednesday following reports that the Saudi National Bank, Credit Suisse’s largest investor, said it would not provide additional assistance. U.S.-listed shares were up modestly after falling just under 14% in the prior session.
But the news was not enough to quell fears on Wall Street of an impending crisis, leading regional banks to take another leg down, led down by a drop of more than 31% in First Republic Bank.
Prices for the 10-year Treasury hiked, dropping yields to 3.39% from Wednesday’s 3.47%. Treasury prices and yields move in opposite directions.
Oil prices sagged $1.42 to $66.19 U.S. a barrel.
Gold prices advanced $1.90 to $1,933.70 U.S. an ounce.
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