Wall Street falls on dour economic data, corporate earnings | Malay Mail

Shares of Bank of America and Citigroup Inc dropped as they joined JPMorgan Chase & Co and Wells Fargo & Co in reporting a slump in first-quarter profits. — Reuters pic

In further evidence of economic damage from the coronavirus, US retail sales plunged 8.7 per cent in March, manufacturing output dropped by the most in over 74 years and a survey showed manufacturing activity in New York state plunged in April to its lowest in the series’ history. The International Monetary Fund has predicted that this year the global economy would witness its sharpest slump since the 1930s.

J.C. Penney Co Inc shares dropped 27.3 per cent as sources said the retailer was exploring filing for bankruptcy protection after the virus outbreak upended its turnaround plans.

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