Dow dives 500 points as earnings results start to show the massive impact of the coronavirus

NYSE Trader worried red Brendan McDermid/Reuters

All three major US stock indexes plummeted on Wednesday as retail-sales data and quarterly earnings reports reflected the harm of the coronavirus outbreak.
Shares of Goldman Sachs, Citigroup, and Bank of America tumbled after all three firms reported quarterly profit declines of at least 45%.
The Commerce Department announced that retail sales plunged by 8.7% in March, the biggest drop since the department began tracking the series in 1992.
West Texas Intermediate oil slipped to $19 per barrel after the International Energy Agency projected that global demand for the commodity would slide by a record amount in 2020.
Watch all major indexes update live here.

US stocks slipped on Wednesday as dire quarterly reports pointed to a larger-than-expected hit to corporate profits amid the coronavirus pandemic.

Goldman Sachs and Citigroup saw earnings tumble 46% in the first quarter, with both missing consensus analyst forecasts. Bank of America reported a profit decline of 45% and a $3.6 billion spike in loan-loss reserves. All three's stocks traded sharply lower at the open.

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