WALL STREET SLIDES ON WEAK ECONOMIC DATA
(Medha Singh - Reuters) - The S&P 500 recoiled from a four-week high on Wednesday, as dire forecasts for the worst economic downturn since the Great Depression were strengthened by a crash in business activity and dismal first-quarter earnings reports.
The S&P energy sector .SPNY slumped 6.5% and was on track for its worst day in nearly three weeks as oil prices sank after reports suggested persistent oversupply and collapsing global demand. The banking sub sector .SPXBK fell 5.5%, as the biggest U.S. lenders set aside billions of dollars to prepare for an expected flood of loan defaults as the coronavirus pandemic all but halted business activity. The flight from risky assets also hit Treasury yields.