Stocks Sink on Wall Street as Grim Economic News Pours in
NEW YORK (AP) — Stocks are swinging back down on Wednesday after more signs piled up of the economic damage being caused by the coronavirus outbreak.
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.
Energy stocks plunged after the price of oil touched another 18-year low, and shares of banks fell after they had to set aside billions in preparation for a wave of loan defaults.
The S&P 500 was down 2.7% in midday trading.