Closing Bell: Stocks Drop on Bank Contagion Fears, SNB Says It Will Provide Credit Suisse with Liquidity If Necessary, Professor Siegels Recession Call 3/15/23
Scott Wapner delivers the breaking news of the hour as the Swiss Financial Market Supervisory Authority and the Swiss National Bank says that Credit Suisse quote, \u201cmeets the capital and liquidity requirements imposed on systemically important banks\u201d and that the central bank will step in if the situation changes. Shares of Credit Suisse fell more than 20% it had previously delayed its annual report and said it found quote \u201cmaterial weakness\u201d in its financial reporting in prior years. Plus, Wharton School Professor, Jeremy Siegel, weighing in on market moves and the big question of what the fed will do next. Professor Siegel also giving his predictions for if a recession is on the horizon. As financials continue to plunge, Crossmark\u2019s Victoria Fernandez on why she\u2019s adding to her position in one major bank.