NEW YORK, New York - U.S. stocks recovered major losses to finish mixed Wednesday after turmoil on global markets with European share tumbling on concerns over Credit Suisse, after the Swiss bank's shares tumbled to a new all-time low following the withdrawal of support of its biggest backer, Saudi National Bank.
"We're seeing the bank turmoil that started in Silicon Valley, it's really spreading across the globe," Edward Moya, senior market analyst at Oanda told CNBC Wednesday.
"The markets are realizing that you're seeing the banks are in trouble because a lot of their profitability models have been based on, for the most part, zero-interest rates."
The Dow Jones Industrial Average dived 280.83 points, or 0.87 percent, to 31,874.57.
The Standard and Poor's 500 fell 27.36 points or 0.70 percent to 3,891.97.
Going against the trend, the Nasdaq Composite edged up 5.90 points or 0.05 percent to 11,434.
The U.S. dollar gained ground Wednesday as Credit Suisse shares lost nearly one-third of their value at one point. The euro buckled to 1.0576 by the U.S. close.
The Swiss franc fell sharply to 0.9335. The British pound dipped to 1.2056.
The Canadian dollar was unwanted at 1.3767. The Australian and New Zealand dollar notched up more modest losses at 0.6617 and 0.6170 respectively.
On Wednesday, stock markets around the world experienced a mixed day of trading, with some indices performing well while others struggled. Here's a summary of the day's closing numbers:
The ESTX 50 PR.EUR index in Europe closed at 4,034.92, down 144.55 points, or 3.46 percent.
The Euronext 100 Index closed down 43.07 points, or 3.25 percent, at 1,281.21.
The BEL 20 index in Belgium closed at 3,629.91, down 98.81 points, or 2.65 percent.
The MOEX Russia Index closed at 2,222.51, down 4.14 points, or 0.19 percent.
Germany's DAX PERFORMANCE-INDEX fell 497.57 points, or 3.27 percent, to close at 14,735.26.
In Paris, France, the CAC 40 index closed down 255.86 points, or 3.58 percent, at 6,885.71.
The FTSE 100 index in London closed at 7,344.45, down 292.66 points, or 3.83 percent.
The Nikkei 225 index in Japan saw a slight gain, closing at 27,229.48, up 7.44 points, or 0.03 percent.
The HANG SENG INDEX in Hong Kong saw a strong performance, closing at 19,539.87, up 291.91 points, or 1.52 percent.
The SSE Composite Index in China closed at 3,263.31, up 18.00 points, or 0.55 percent, with a trading volume of 452.109 million shares.
The Shenzhen Index in China closed at 11,413.43, down 3.14 points, or 0.03 percent, with a trading volume of 2.589 billion shares.
The S&P/ASX 200 index in Australia closed at 7,068.90, up 60.00 points, or 0.86 percent, while the Australian ALL ORDINARIES index closed at 7,263.10, up 62.00 points, or 0.86 percent.
The STI Index in Singapore closed at 3,172.92, up 43.17 points, or 1.38 percent.
The S&P BSE SENSEX in India closed at 57,555.90, down 344.29 points, or 0.59 percent.
The IDX COMPOSITE index in Indonesia closed at 6,628.14, down 13.68 points, or 0.21 percent.
The FTSE Bursa Malaysia KLCI in Malaysia closed at 1,403.93, up 10.10 points, or 0.72 percent.
The S&P/NZX 50 INDEX GROSS in New Zealand closed at 11,617.27, up 21.80 points, or 0.19 percent.
The KOSPI Composite Index in South Korea closed at 2,379.72, up 30.75 points, or 1.31 percent.
Overall, it was a challenging day for many of the major stock markets around the world, with several indices experiencing significant declines. However, there were also some positive performances, particularly in Asia and Australia. Investors will be closely monitoring the markets in the coming days to see how they respond to changing economic and political conditions.