Dismal economic data slams US stocks

Selling swept Wall Street Wednesday after a dismal lineup of reports made clear how historic the coronavirus crunch has been for the economy.

Markets are already bracing for what’s forecast to be the worst downturn since the Great Depression, but Wednesday’s data was even more dispiriting than expected, including a record drop for U.S. retail sales. Adding to the gloom: More banks made moves in anticipation that households and companies will be forced to default on billions of dollars of debt as businesses remain shut and millions of workers lose their jobs.

Stocks around the world fell, reversing Tuesday’s up trend, as markets continue to cycle between fear and budding optimism about how long and deep the recession will be.

The S&P 500 lost 62.70 points, or 2.2 percent, at 2,783.36. The Dow Jones Industrial Average fell by 445.41 points, or 1.9 percent, at 23,504.35, and the Nasdaq was down 122.56, or 1.4 percent, at 8,393.18.-AP