Wall St. tumbles on gloomy economic data, bank earnings

REUTERS: Wall Street's main indexes slid 2per 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.

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

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