Stocks Fall on Grim News

Stocks are closing lower on Wall Street as more signs emerge of the economic damage being caused by the coronavirus outbreak, the AP reports. The S&P 500 fell 2.2% Wednesday. Bond prices rose, sending yields lower. Energy stocks fell sharply after the price of oil touched another 18-year low, and shares of banks dropped after they had to set aside billions in preparation for a wave of loan defaults. Markets have been stuck cycling between fear and budding optimism in recent weeks as investors try to guess how long and deep the looming recession will be, and several dismal economic reports highlighted the downside. (More Wall Street stories.)