Credit Suisse Triggers Global Bank Sell-Off, U.S. Stocks Tumble.
TL;DR Summary
US stocks fell as Credit Suisse's financial troubles added pressure to the banking system, with the bank's stock plunging 24% after the Saudi National Bank said regulations prevented it from providing further financial assistance. Meanwhile, fresh economic data showed a greater-than-expected contraction in retail sales in February, stoking hopes for a less aggressive Federal Reserve. Bank stocks had recovered somewhat on Tuesday after a rout on Monday, but regional banks were under pressure again on Wednesday.
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