Fear grips Wall Street following US bank failures

A stock exchange trader observes the price development at the German Stock Exchange in Frankfurt (dpa via AP)

Wall Street has been hit by fears about what may be next to topple following the second and third largest bank failures in US history, with stocks swinging sharply as investors scramble to find somewhere safe to put their money.

The S&P 500 was virtually unchanged in Monday morning trading, but only after tumbling 1.4% at the opening.