NEW YORK—Markets shuddered Wednesday on worries about a spreading banking crisis and how badly it will hit the economy, and stocks and bond yields fell on both sides of the Atlantic.
The S&P 500 sank as much as 2.1 percent before ending the day with a loss of 0.7 percent, while markets in Europe fell more sharply as shares of Switzerland’s Credit Suisse dropped to a record low. The Dow Jones Industrial Average lost 280 points, or 0.9 percent, after dropping as much as 725 points. The Nasdaq composite rose 0.1 percent after erasing a steep decline.
Markets trimmed their losses toward the end of the day as the Swiss National Bank said it could provide some assistance to Credit Suisse “if needed.”…