$54B Lifeline for Credit Suisse, ECB's Rate Hike, Regional Banks Extend Losses 3/16/23

Carl Quintanilla, Jim Cramer and David Faber focused on the turmoil surrounding the banking sector: Credit Suisse received a $54 billion lifeline from the Swiss National Bank, while First Republic and a number of U.S. regional bank stocks extended steep losses. The European Central Bank increased its key interest rate by 50 basis points and said the "euro area banking sector is resilient." Also in focus: Treasury Secretary Yellen's Capitol Hill testimony, Adobe beats and lifts guidance, Baidu falls on its AI demo, plus the latest on the U.S. threatening to ban TikTok.

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