Global markets fall as banking crisis fears deepen
Global markets have fallen amid fears of a banking crisis and concerns that it could lead to a recession. The Dow Jones Industrial Average lost 384 points, or 1.2%, while the Nasdaq composite fell 0.7%. The S&P 500 sank 1.1%, cutting into its gain for the week. Markets around the world churned this past week as worries rose following the second- and third-largest U.S. bank failures in history. Credit Suisse has been fighting troubles for years, including losses it took from the 2021 collapse of investment firm Archegos Capital. Its shares in Switzerland sank more than 28% following reports that its top shareholder won’t pump more money into its investment. The bank’s largest shareholder, Saudi National Bank, ruled out providing more money for Credit Suisse as it struggles with its latest turnaround plan.