Banking Turmoil Sends Stocks Plummeting on Wall Street

Stocks fell on Wall Street and in Europe due to concerns about the strength of banks, particularly Credit Suisse, which saw its shares plummet to a record low. The Federal Reserve's rapid interest rate hikes have caused losses for banks, particularly smaller and mid-size ones, and raised fears of a recession. Weaker-than-expected economic reports may have allayed some worries about inflation, but the bond market is still volatile as traders try to guess what the Fed will do next. Companies in the oil and gas business also tumbled as the price of crude dropped more than 3%.