U.S. stocks trimmed sharp losses Wednesday afternoon following a report that Swiss authorities and Credit Suisse held talks aimed at stabilizing the troubled lender. Bloomberg, citing people familiar with the matter, said CS leaders and government officials have discussed options that ranged from a public statement of support to a potential liquidity backstop. Ideas also discussed included a spinoff of the Swiss unit or a tieup with rival UBS Group AG, the report said, adding that people involved cautioned it was unclear what, if any, measures would be executed. The Dow Jones Industrial Average DJIA, was off 331 points, or 1%, after falling more than 700 points at its session lows. The S&P 500 SPX was down 0.8%, while the Nasdaq Composite COMP was off less than 0.1%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Read Full Story
- Need to Know: The Fed pivot is near, and yield curve inversion has likely peaked. That’s usually bad news for stocks, this Fidelity strategist says. - March 23, 2023
- Bond Report: Treasury yields move higher as Powell and markets disagree on rate cut timeline - March 23, 2023
- : How to invest your IRA contribution: 3 strategies to fit your mind-set in a turbulent market - March 23, 2023
