Why Shares of Credit Suisse Are Rising Today
Shares of Swiss bank Credit Suisse Group (NYSE: CS) traded 9.5% higher as of 1:29 p.m. ET Tuesday, as stocks rallied and as fears over the financial health of the bank seemed to dissipate.
The market rose today after the Reserve Bank of Australia hiked its benchmark interest rate by 0.25%, which is lower than experts had initially thought, leading investors to wonder if the Federal Reserve will also soon slow the pace of rate hikes.
Credit Suisse, however, has been dealing with its own mess, as losses from scandals in its investment bank, such as exposure to Archegos Capital and Greensill Capital, have forced management to think about an expensive and arduous overhaul of the embattled unit.
Source Fool.com
