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US STOCKS-Wall St falls on dour economic data, corporate earnings

Published 15/04/2020, 21:18
© Reuters.
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* NY Fed Empire State manufacturing index hits record low
* J.C. Penney sinks on report it is considering bankruptcy
* Retail sales collapse in March
* Indexes down: Dow 1.9%, S&P 500 2.2%, Nasdaq 1.4%

(Updates to close)
By Caroline Valetkevitch
April 15 (Reuters) - U.S. stocks fell on Wednesday as dismal
economic and first-quarter earnings reports compounded concerns
over the extent of damage from the coronavirus outbreak.
Shares of Bank of America BAC.N and Citigroup Inc C.N
dropped as they joined JPMorgan Chase & Co JPM.N and Wells
Fargo & Co WFC.N in reporting a slump in first-quarter
profits. Also, Goldman Sachs Group Inc's GS.N quarterly profit
nearly halved, as it set aside more money to cover for corporate
loans expected to go bust in the coming months. In further evidence of economic damage from the coronavirus,
U.S. retail sales plunged 8.7% in March, manufacturing output
dropped by the most in over 74 years and a survey showed
manufacturing activity in New York state plunged in April to its
lowest in the series' history. Disappointing bank earnings are weighing on sentiment as
well as prospects for the rest of the corporate reporting
period, said Paul Nolte, portfolio manager at Kingsview
Investment Management in Chicago.
In the coming weeks, "it's going to be more important to
look at companies... from a debt perspective," he said, noting:
"I'm not sure the recovery is going to be as strong as everybody
is saying."
The Dow Jones Industrial Average .DJI fell 445.41 points,
or 1.86%, to 23,504.35, the S&P 500 .SPX lost 62.7 points, or
2.20%, to 2,783.36 and the Nasdaq Composite .IXIC dropped
122.56 points, or 1.44%, to 8,393.18.

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