Wall St. extends losses on dour economic data, downcast corporate earnings

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Wall St. extends losses on dour economic data, downcast corporate earnings

On Wednesday, the 15th of April 2020, all three key indices of Wall St. had experienced a tempestuous wind down of the day following release of a basket of dismal economic data including a 74-year-low US manufacturing output in March, while a number of offbeat earnings’ reports had added to investors’ worries in latest sign of the scale of damage over the pandemic-driven lockdown.

In point of fact, a set of bleaker-than-anticipated economic data including the US retail sales which slid 7.3 per cent last month and a 74-year-low factory output alongside a raft of downbeat earnings’ reports mostly from the financials had tuned up the tone of Wednesday’s (April 15th) Wall St., while the shares’ prices of Bank of America alongside Citigroup Inc.

had plunged following an en masse retreat in first quarterly profit following yesterday’s (April 14th) worrisome slump in quarterly profit from the United States’ largest lender JPMorgan Chase & Co. alongside the Wells Fargo & Co.

Nonetheless, voicing scepticisms over Trump Administration’s latest approach to reopen the economy before May 1st, a portfolio manager at Kingsview Investment Management in Chicago, Paul Nolte said on Wednesday (April 15th), “In the coming weeks, it’s going to be more important to look at companies...

from a debt perspective. I’m not sure the recovery is going to be as strong as everybody is saying. ” Citing statistics, on Wednesday’s (April 15th) Wall St. closure, Dow lost 1.86 per cent to 23,504.35, S&P 500 shed 2.20 per cent to 2,783.36, while the tech-heavy Nasdaq Composite had shredded off 1.44 per cent to wind up Wednesday’s (April 15th) Wall St. at 8,393.18.