Stocks markets closed down Wednesday amid a flurry of bad economic news.
The Dow Jones Industrial Average closed down 445.4 points, or 1.9 percent. The S&P 500 ended down 62.7 points, or 1.4 percent.
The stock losses came after data showed that retail sales in March plunged 8.7 percent, more than economists had predicted. A measure of manufacturing activity in New York, the Empire State Manufacturing survey, showed a 78.2 percent decline, its worst showing.
In the past two days, a slew of the country’s biggest banks reported significant declines in profits as they squirrel money away in anticipation of loan defaults.
Economists are predicting that Thursday’s initial jobless claims report will be the fourth in a row with figures in the millions, a milestone that was never reached.
Still, markets seem to be pricing in a fairly quick rebound, and remain significantly above the low points they reached in late March.
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