Global Banking Concerns Cause Stock Market Plunge
The Dow Jones Industrial Average reduced its loss to 1% — to a 320 point drop. Credit Suisse shares plunged after its largest investor, Saudi National Bank, said it would not make further investments in the Swiss bank. First Republic got a sharp rating cut to junk rating by S&P Global Ratings on worries that clients are pulling out their money. Tech stocks held up, with AMD breaking out of a flat base and Facebook parent Meta Platforms building a flat base. Wholesale prices rose less in February compared to January, while U.S. retail sales fell 0.4% in February.