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Wall Street tumbles on gloomy economic data, bank earnings | Malay Mail

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NEW YORK, Apr 15 —  Wall Street’s main indexes slid 2 per cent on Wednesday, as a record drop in retail sales and dour first-quarter earnings reports lent weight to forecasts for the biggest economic slump since the Great Depression. US retail sales plunged 8.7 per cent  in March,...

A trader puts on his jacket on the floor of the New York Stock Exchange as the building prepares to close indefinitely due to the coronavirus disease outbreak in New York, US, March 20, 2020. — Reuters pic

Bank of America, Goldman Sachs Group Inc and Citigroup Inc fell between 2.2 per cent and 4.6 per cent as they joined JPMorgan Chase & Co and Wells Fargo & Co in setting aside billions to cover potential loan losses tied to the coronavirus pandemic.“Investors need a strong stomach to stick with stocks through some bad earnings reports in the coming days, weeks and months,” said David Trainer, chief executive officer of investment research firm New Constructs in Nashville, Tennessee.

The benchmark S&P 500 has climbed about 26 per cent from its March trough, lifted by a raft of US monetary and fiscal stimulus and on early signs that coronavirus cases were peaking in some hotspots, but the index is still down about 18 per cent from its record high. At 10:07 a.m. ET, the Dow Jones Industrial Average was down 558.11 points, or 2.33 per cent, at 23,391.65, the S&P 500 was down 71.28 points, or 2.50 per cent at 2,774.78. The Nasdaq Composite was down 178.63 points, or 2.10 per cent, at 8,337.11.

 

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