Stocks were under pressure as dismal economic data and weak bank earnings dented market sentiment.
Retail sales during the month of March plunged a record 8.7%, marking the largest one-month decline since the Commerce Department began tracking the series in 1992.
Manufacturing in the New York area also slumped by its biggest margin ever to a historic low, surpassing the levels seen in the throes of the Great Recession. "This points to a very severe recession because this is just the beginning of a series,"
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