Stocks plummeted on Wall Street today, with fears about the banking sector driving the drop. The Dow Jones Industrial Average fell over 600 points as Credit Suisse added pressure to an already struggling industry. Meanwhile, some individual banks saw positive movement: KeyCorp, Comerica, and Fifth Third Bancorp all saw their shares rise. The S&P 500 will need to hold a key level as Morgan Stanley models the likelihood of interest rates rising. These economic concerns were reflected in futures trading, which continued yesterday’s losses.
Investors are closely watching potential banking sector shakeups as well as economic indicators to determine how the market will react in the coming weeks.