Timothy A. Clary/AFP via Getty Images
Stocks tumbled on Wednesday as fears grow that the banking turmoil will widen and spread globally.
The Dow Jones Industrial Average dropped more than 1.5% soon after the open, or more than 500 points. The S&P slumped more than 1.4%.
The catalyst was a more than 20% drop in shares of Credit Suisse, a major Swiss lender that had already raised market concerns after facing a number of challenges in recent months.
The drop sparked sharp falls in European markets as global investors are growing worried about the stability of the banking system overall after the collapse of Silicon Valley Bank and Signature Bank last week.
Although the U.S. stepped in to rescue the two lenders, the actions have yet to calm nerves about the financial system.
This developing story will be updated