U.S. stocks declined for the second time in three days following the arrival of March economic data that demonstrated endeavors to battle the COVID-19 pandemic were taking far more damage. The Dow Jones Industrial Average DJIA, +0.16%, fell 445 points, or 1.9%, to close at around 23,507.
Meanwhile, the S&P 500 list SPX, – 0.05% withdrew 62 points, or 2.1% to end the meeting at approximately 2,783. The NASDAQ Composite record COMP, – 0.00% fell 123 points, or 1.4% to close approach 8,393.
The Commerce Department stated that retail deals stumbled 8.9% in the month of March, versus the 7.2% fall expected by business analysts, while the Federal Reserve said that industrial production also fell more than anticipated a month ago.
Efforts to stop the spread of COVID-19 didn’t start decisively in a significant part of the nation until late March, driving investors to foresee that the economy in April will be much increasingly severe.
In organization news, Dow segment UnitedHealth Group UNH, +3.00% saw its shares rise 4.1% after it reaffirmed its 2020 income direction. Meanwhile, portions of banks Citigroup C, +0.52%, and Bank of America BAC, +0.32% fell 5.6% and 6.5%, separately after each announced steep decreases in benefit and income during the first quarter.
U.S. stocks closed lower as COVID-19 toll pummels earnings
Oil stocks slide as U.S. rough settles underneath $20 a barrel. U.S. stocks finished lower Wednesday, amid an onslaught of frustrating corporate earnings data reports result in the worst outcomes because of the COVID-19 pandemic.
How did major indexes fair?
The Dow Jones Industrial Average DJIA, +0.16% fell 445.41 points, or 1.9%, to settle at 23,504.35. The NASDAQ Composite COMP, – 0.00% drooped 122.56 points, or 1.4%, to close at 8,393.18. The S&P 500 SPX, – 0.05% slipped 62.70 points, or 2.2%, to end at 2,783.36.
The Dow on Tuesday went up 558.99 points at 2,846.06. The NASDAQ Composite Index rose 323.32 points or 4%, closing at 8,515.74.
Of the three major indexes, just the Dow is higher for the week, up 2.9% on Wednesday.