U.S. stocks opened sharply lower on Wednesday, wiping out all of the prior session’s gains and then some as a punishing selloff in shares of Credit Suisse CS reignited anxieties about the banking sector. The S&P 500 SPX fell 52 points, or 1.4%, to 3,862, while the Nasdaq Composite COMP fell by 121 points, or 1.1%, to 11,306. The Dow Jones Industrial Average DJIA shed 514 points, or 1.6%, to 31,634. Investors also digested a raft of U.S. economic data, including a report on wholesale prices showing they declined by 0.1% last month, which was more than economists had expected. A report on retail sales showed spending at stores declined for the third time in four months, raising new fears about a slowdown in consumer spending.
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