Stocks fell on Wednesday as dismal economic data and weak bank earnings fueled concerns over the coronavirus’s impact on the economy. Here's how the major averages performed: - The Dow fell 442 points. - The S&P 500 slid 2.2%. - The Nasdaq fell 1.4%.
closed 1.4% lower at 8,393.18. Both the Dow and S&P 500 had their worst session since April 1.
"If this is a precursor to what we can expect throughout the U.S. ... there's no word for it," said Quincy Krosby, chief market strategist at Prudential Financial. "The reflects the complete shutdown of the economy." Grocery stores, pharmacies and other retailers of essential goods saw a surge in demand last month amid the outbreak, the government said. But sales at a variety of other businesses — such as gas stations, auto dealerships, and restaurants — swooned as state governments shuttered commerce in an effort to slow the virus.to a historic low, surpassing the levels seen in the throes of the Great Recession. The Empire State Manufacturing Index hit -78.
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