Wall Street tumbles as employers slash jobs at a rapid pace
Of the S&P 500’s 11 major sectors utilities .SPLRCU was the biggest laggard, down 3.6%, followed by materials .SPLRCM and financials .SPSY, with declines of more than 2%.
Walt Disney Co shares fell 3% after it said it would furlough some U.S. employees this month, while sources said luxury retailer Neiman Marcus was stepping up preparations to seek bankruptcy protection. On U.S. exchanges 11.57 billion shares changed hands compared with the 15.75 billion average for the last 20 sessions.
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