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Wall Street down as Credit Suisse sparks fresh bank selloff

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U.S. stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller U.S. rate hike this month. | Reuters

Some investors believe aggressive U.S. interest rate hikes by the Federal Reserve caused cracks in the financial system.

Data showed U.S. retail sales fell 0.4 percent last month after 3.2 percent growth in January. Economists polled by Reuters had expected a contraction of 0.3 percent. First Republic Bank tumbled 21.3 percent while PacWest Bancorp PACW.O slid 12.87 percent, and trading was halted several times for volatility, a day after shares of the battered banks staged a strong recovery.

Big U.S. banks including JPMorgan Chase & Co, Citigroup and Bank of America Corp dropped, pushing the S&P 500 banking index down 3.62 percent. The KBW regional banking index declined 1.57 percent.

 

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