US stocks: Dow Jones cuts losses

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New York’s leading index Dow Jones Industrial visibly contained losses during trading, closing 0.87 percent at 31,874.57 points.

The situation was similar for the market-wide S&P 500, which fell 0.70 percent weaker to 3891.93 points. Even the tech-heavy Nasdaq 100 turned profit and closed at 12,251.32 points, up 0.42 percent.

Saudi National Bank triggered earthquake

The US stock market is better than Switzerland: In this country, the leading index SMI lost 1.87 percent the previous day. The recent market turmoil was triggered by statements by Credit Suisse’s major shareholder, Saudi National Bank, that the big Swiss bank could not count on any more help from you.

This caused Credit Suisse shares to plummet and brought the entire European market down along with the banking sector. The latter has also suffered from concerns that the European Central Bank (ECB) will raise interest rates again at its Thursday meeting, despite the recent turmoil.

Big US banks are more stable

Despite the obvious losses, stocks of leading US banks are doing slightly better than their European rivals. Dow’s bottom-performing JPMorgan and its index neighbor Goldman Sachs lost 4.7 percent and nearly 3 percent, respectively, while Bank of America, Citigroup, Morgan Stanley and Wells Fargo, which traded in the S&P 500, fell more than 5 percent.

However, a number of regional banks developed inconsistently; securities have already been under particularly strong pressure over the past few days as a result of the US banking crisis, but have recently recovered significantly. First Republic Bank tumbled over 21 percent and Pacwest Bancorp fell nearly 13 percent, while Western Alliance Bancorp rose 8.3 percent (SDA/kae)

Source :Blick