Wall Street down as Credit Suisse sparks fresh bank selloff

NEW YORK, March 16 ― US stocks pared losses late yesterday 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 US rate hike this month.

Still, Credit Suisse troubles piled more pressure on the banking sector after US authorities relieved investors with emergency measures to prevent contagion after the collapse of SVB Financial and Signature Bank. US-listed shares of Credit Suisse hit a record low, after its largest investor said it could not provide more financing to the bank, starting a rout in European lenders and pressuring US banks as well.“The bounce back yesterday in financial stocks, the banks, made sense, but sort of an overriding factor here is a loss of confidence and it’s really fear of the unknown,” said Adams Funds CEO and senior portfolio manager Mark Stoeckle.

US Treasury yields fell, with traders now expecting equal chances of a 25-basis-point rate hike and a pause at the Fed's March meeting. Shares of Western Alliance Bancorp and bank and brokerage Charles Schwab Corp bucked the trend to close up 8.3 per cent and 5 per cent, respectively. Both stocks reversed early declines.

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