Stocks tumble on Wall Street on renewed fears about banks

Stocks are falling sharply on Wall Street as worries worsen about the strength of banks on both sides of the Atlantic. The S&P 500 was 1.8% lower Wednesday, while markets in Europe slumped even further as shares of Switzerland’s Credit Suisse tumbled to a record low. The Dow Jones Industrial Average and the Nasdaq composite also fell sharply. Credit Suisse shares tanked following reports that its top shareholder won’t pump more money into the bank. Recent bank failures in the U.S. also have investors on edge. Treasury yields plunged following several reports on the economy that were weaker than expected. Oil prices dropped nearly 7%.