Dow Jones Industrial Average drops 410 points
The Dow closed 410.32 points lower, or 1.84%, at 21,917.16. The S&P 500 slid 1.60% to 2,584.59. The Nasdaq Composite fell 0.95% to 7,700.10. The major averages gyrated between gains and losses throughout the session as Wall Street wrapped up a volatile quarter.
Worst first quarter ever for Dow
The Dow ended the quarter down more than 20%, marking its biggest first-quarter loss on record. The S&P 500 and Nasdaq both fell more than 14% this quarter. To be sure, the major averages regained some ground after hitting a low on March 23. However more clarity is needed on the virus’ economic impact as well as the outbreak itself before stocks can make a meaningful rebound.
Bank shares slide, tech gains
Bank stocks fell, pressuring the broader market. JPMorgan Chase dropped 3.71% while Citigroup closed 4.45% lower. Bank of America shares slid 3.68%. Gains in tech stock such as Facebook, Netflix and Alphabet partially offset the decline in bank shares. Facebook gained 0.51%, while Netflix advanced more than 1.22% each. Alphabet climbed 1.36%.
What happens next?
Weekly mortgage applications, along with manufacturing and private payrolls data, are scheduled for release on Wednesday.
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The major averages gyrated between gains and losses throughout the session as Wall Street wrapped up a volatile quarter.