The stock market slumped today, threatening to erase its gains from earlier this week after a record plunge in retail sales and weak bank earnings by skleb1234
The Dow Jones industrial average was down 1.9%, over 400 points, while the S&P 500 fell 2.2% and the Nasdaq Composite was down 1.4%., warning that loan defaults are set to skyrocket: The latest to do so on Wednesday—Citigroup, Bank of America and Goldman Sachs—all posted earnings declines of 40% or more.to a new low in March, falling a record 8.7%, according to a report from the Commerce Department., as it has been forced to close stores due to the virus outbreak, according to Reuters.
“Now that we are finally seeing data that shows the COVID-19 impact to the US economy, investors are having a hard time becoming optimistic that economic activity will come back this quarter,” says Edward Moya, senior market analyst at Oanda. “Unless markets see a medical breakthrough or a stronger drop-off in new cases, the rebound from last three weeks will end up being a bear-market rally, thus raising calls for a retest of March 23rd low.
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