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Stocks sink on Wall Street as grim economic news pours in

Stocks sink on Wall Street as grim economic news pours in
Posted at 4:24 PM, Apr 15, 2020
and last updated 2020-04-15 16:24:34-04

NEW YORK (AP) — Stocks closed lower on Wall Street on Wednesday as more signs emerge of the economic damage being caused by the coronavirus pandemic.

The S&P 500 fell 2.2% to 2,783.36. The Dow Jones Industrial Average dropped 445.41 points, or 1.9%, to 23,504.35. And, the Nasdaq Composite closed 1.4% lower at 8,393.18.

Both the Dow and S&P 500 had their worst session since April 1, CNBC reports.

Bond prices rose, sending yields lower.

Energy stocks fell sharply after the price of oil touched another 18-year low, and shares of banks dropped after they had to set aside billions in preparation for a wave of loan defaults.

Markets have been stuck cycling between fear and budding optimism in recent weeks as investors try to guess how long and deep the looming recession will be, and several dismal economic reports highlighted the downside.