Dow drops more than 500 points as coronavirus shutdown slams economy, bank earnings
Stocks fell sharply on Wednesday as dismal economic data and weak bank earnings fueled concerns over the coronavirus’s impact on the U.S. economy.
Bank of America traded more than 5% lower on the back of disappointing earnings. Citigroup fell more than 4%. Energy and financials were the worst-performing sectors in the S&P 500, dropping more than 4% each.
“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.”
“The question is how quickly can the economy come back,” said Krosby, noting the market did gallop higher in recent weeks and was due for some consolidation.
Retail sales during …continued .
[Source: CNBC News]