The bearish sentiment on the Wall Street was chiefly due to renewed fears of a banking crisis amid fresh turbulence at Credit Suisse and as two economic prints showed a slowdown in the U.S. economy in February,
The sudden collapse of Silicon Valley Bank and Signature Bank, as well as the emerging turmoil at Credit Suisse raised fresh concerns about the banking system.
At the close of trade, the Dow Jones Industrial Average index declined 280.83 points, or 0.87%, to 31,874.57. The S&P500 index fell 27.36 points, or 0.7%, to 3,919.29. The tech-heavy Nasdaq Composite Index increased 5.90 points, or 0.05%, to 11,434.05.
Total 6 of 11 S&P500 sectors ended lower. Energy was worst performing sector, falling 5.42%, followed by materials (down 3.28%), financials (down 2.84%) and industrials (down 2.51%) sectors.
U.S.-listed shares of Credit Suisse slid 24.3% to hit a record low, after the Swiss bank's largest investor said it could not provide more financial assistance to the lender.
ECONOMIC NEWS: The Commerce Department data showed retail sales in U.S. fell by 0.4% in February after spiking by an upwardly revised 3.2% in January.
The Labor Department said its producer price index for final demand slipped by 0.1% in February after rising by a downwardly revised 0.3% in January.
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