{"id":1888060,"date":"2023-03-16T00:12:20","date_gmt":"2023-03-16T04:12:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stock-market-tumbles-over-dual-credit-suisse-and-silicon-valley-bank-crises\/"},"modified":"2023-03-16T00:13:07","modified_gmt":"2023-03-16T04:13:07","slug":"stock-market-tumbles-over-dual-credit-suisse-and-silicon-valley-bank-crises","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stock-market-tumbles-over-dual-credit-suisse-and-silicon-valley-bank-crises\/","title":{"rendered":"Stock market tumbles over dual Credit Suisse and Silicon Valley Bank crises"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstock-market-tumbles-over-dual-credit-suisse-and-silicon-valley-bank-crises%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1888060&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_78917034\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">                <meta itemprop=\"name\" content=\"Hunter Biden laptop letter signers will \u2018fully cooperate' with GOP investigation, lawyer says\">               <meta itemprop=\"description\" content=\"The lawyer representing ex-intelligence officials who signed the infamous Hunter Biden laptop letter in October 2020 baselessly claiming Russian involvement says his clients will \"fully cooperate\" with the GOP investigation. Mark Zaid, who most notably represented the Ukraine whistleblower in the impeachment effort against former President Donald Trump, is now representing six of the 51 laptop letter signatories, and he told the Washington Examiner that \"we intend to fully cooperate, but we will not do so silently.\"\">               <meta itemprop=\"duration\" content=\"PT2M39S\">               <meta itemprop=\"uploadDate\" content=\"2023-03-15 21:49:28\">               <meta itemprop=\"thumbnailURL\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/snapshot\/1263418_th_1678917031.jpg\">               <meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1263418.mp4\">              <\/div>\n<p>               <script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_78917034\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1263418\"} }); <\/script>               <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>              <\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">T<\/span>He <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/stock-market\" target=\"_blank\" rel=\"noopener\">stock market<\/a> The dual bank crises of Wednesday and Thursday caused the collapse of the economy. <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/credit-suisse\" target=\"_blank\" rel=\"noopener\">Credit Suisse<\/a>  <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/silicon-valley-bank\" target=\"_blank\" rel=\"noopener\">Silicon Valley Bank<\/a>. <\/p>\n<p>Both the Dow Jones and S&#038;P 500 ended in red, ending a stressful day in finance. Major <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/united-states\" target=\"_blank\" rel=\"noopener\">United States<\/a> Banks continued to suffer; Wells Fargo shares fell 3.2%, JPMorgan Chase stock fell 4.7%, Dow fell 0.87% and S&#038;P 500 dropped about 0.7%. <a class=\"Link\" href=\"https:\/\/www.cnn.com\/business\/live-news\/stock-market-svb-inflation-ppi-031523\/index.html\" target=\"_blank\" rel=\"noopener\">According to<\/a> CNN. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/credit-suisse-50-billion\" target=\"_blank\" rel=\"noopener\">CREDIT SUISSE BANK SWISS BANK OVER $50B AFTER SHARES CRASH BY NEARLY ONE THRID<\/a><\/b> <\/p>\n<p>Fears among investors resulting in SVB&#8217;s failure contributed panic surrounding Credit Suisse. Credit Suisse stock prices plummeted 30% on Wednesday after its largest shareholder announced that it would not give it any more money. The day was over. <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/credit-suisse-50-billion\" target=\"_blank\" rel=\"noopener\">Credit Suisse was required to borrow $53.7 million<\/a> The Swiss National Bank offered assistance just hours after it had been asked. <\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure mb-1 mb-sm-3 mb-md-1 article-lead-photo data_invisible\" data-align=\"center\" data-image-size=\"fixed\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<div class=\"Figure-container\"> <picture><source media=\"(max-width: 768px)\" type=\"image\/webp\" width=\"767\" height=\"511\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 768px)\" width=\"767\" height=\"511\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 1440px)\" type=\"image\/webp\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source media=\"(max-width: 1440px)\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source type=\"image\/webp\" width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><source width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"Figure-caption\" itemprop=\"caption\"> Traders work on Wednesday, March 15, 2023, at the New York Stock Exchange. (AP Photo\/Seth Wenig)                <\/figcaption><div class=\"Figure-credit\" itemprop=\"author\"> Seth Wenig\/AP                <\/div>\n<\/p><\/div>\n<\/figure><\/div>\n<\/p><\/div>\n<p>&#8220;Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks. If necessary, the SNB will provide CS with liquidity,&#8221; Statement jointly issued by the Swiss Financial Market Supervisory Authority, and the Swiss National Bank <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/svb-collapse-swiss-government-steady-markets-credit-suisse\" target=\"_blank\" rel=\"noopener\"><\/a>. <\/p>\n<p>Wednesday was the bank&#8217;s worst day, having been in crisis for many years because of a series of scandals. Wednesday&#8217;s disaster was precipitated by a televised interview with Ammar Al Khudairy, the chairman of Saudi National Bank. <a class=\"Link\" href=\"https:\/\/www.nytimes.com\/2023\/03\/15\/business\/credit-suisse-shares-saudi.html\" target=\"_blank\" rel=\"noopener\">According to<\/a> The <i>New York Times<\/i>. He said that Credit Suisse would not be receiving any more money from the bank during the interview. This caused panic among investors. <\/p>\n<p>Global consequences could be wrought by Wednesday&#8217;s Credit Suisse plunge. The assets of the bank are estimated to be $573 billion. <\/p>\n<p>&#8220;[Credit Suisse] is much more globally interconnected, with multiple subsidiaries outside Switzerland including in the US,&#8221; Andrew Kenningham, chief Europe economist at Capital Economics, <a class=\"Link\" href=\"https:\/\/www.cnn.com\/2023\/03\/15\/investing\/credit-suisse-shares-saudi-national-bank\" target=\"_blank\" rel=\"noopener\">Telled<\/a> CNN. &#8220;Credit Suisse is not just a Swiss problem but a global one.&#8221; <\/p>\n<p>First Republic Bank was another bank that was hard hit. Their rate was <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/first-republic-bank-credit-junk-status\" target=\"_blank\" rel=\"noopener\">Reduced to junk status<\/a> Standard and Poor&#8217;s went from A- to B+ amid greater fears about the SVB collapse. Within an hour of trading opening, shares dropped by 15% and the company&#8217;s stock prices plummeted. <\/p>\n<p>Alarmingly, the Chicago Board Options Exchange Volatility Index (also known as the &#8220;fear index,&#8221; The morning rose by close to 14% <\/p>\n<p>Even though the stock market was showing a poor performance, analysts such as Larry Summers, former Treasury Secretary, warned against panicking. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\">CLICK HERE TO VIEW MORE FROM THE WASHINGTON XAMINER<\/a><\/b> <\/p>\n<p>&#8220;I don&#8217;t think this is a time for panic or alarm,&#8221; CNN was informed by him. &#8220;This is not 2008, where people needed to be worried about where they could get their money &#8230; It absolutely is not that.&#8221; <\/p>\n<div id=\"dsk-banner-ad-g\"><\/div>\n<p>&#8220;Americans&#8217; money is safe,&#8221; He added.<\/p>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;Read More from&#8221; <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/stock-market-tumbles-crises\">Stock market plunges due to dual Credit Suisse\/Silicon Valley Bank crises<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The stock market crumbled Wednesday amid the dual bank crises of Credit Suisse and Silicon Valley Bank. The Dow Jones and S&amp;P 500 both ended in the red, concluding a stressful day for the world of finance. Major United States banks continued a downturn; shares of Wells Fargo fell 3.2%, JPMorgan Chase stock dropped 4.7%<\/p>\n","protected":false},"author":1,"featured_media":1897290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[5373,6178,12273,21842,4545,8107,4359,18299,15471,8109],"class_list":["post-1888060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-bank","tag-credit","tag-crises","tag-dual","tag-market","tag-silicon","tag-stock","tag-suisse","tag-tumbles","tag-valley"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1888060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1888060"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1888060\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1897290"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1888060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1888060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1888060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}