Banking Fears Spark Market Turmoil as Credit Suisse Shares Plummet

Credit Suisse's largest investor, Saudi National Bank, withdrew funding causing the company's stock to crash 28%, which in turn dragged down other financials and led to a sharp decline in markets in the UK and Europe. Meanwhile, the US Producer Price Index unexpectedly declined in February, and retail sales fell 0.4% in February. The Dow Jones Industrial Average briefly dived more than 500 points Wednesday, with banks posting most of the heavy losses, along with Freeport McMoRan, Carnival Cruises, and Coterra Energy.