Wall Street is facing a tumultuous week as banking woes continue to plague markets both domestically and abroad. On Wednesday, the Dow Jones Industrial Average opened with a decline of more than 500 points, while the S&P 500 and Nasdaq composite were 1.1% and 0.8% lower respectively. The losses come after the collapse of Silicon Valley Bank and Signature Bank last week, and investors are closely watching to see how the situation develops. Credit Suisse has been struggling for years, including losses it took from the 2021 collapse of investment firm Archegos Capital.
