Stocks are closing lower on Wall Street as more signs emerge of the economic damage being caused by the coronavirus outbreak.
The S&P 500 fell 2.2% Wednesday.
Bond prices rose, sending yields lower.
Energy stocks fell sharply after the price of oil touched another 18-year low, and shares of banks dropped after they had to set aside billions in preparation for a wave of loan defaults.
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.
Major U.S. indexes fell more than 2% in the first few minutes of trading Wednesday, and bond prices rose as investors sought safety.
Retail sales plunged an unprecedented 8.7% last month as the outbreak forced a near total stop to commerce across the nation.
A measure of manufacturing in New York State plunged to its lowest level on record, and a global energy agency predicted that worldwide demand for oil will fall this year by the most in history.
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