Stocks are closing lower on Wall Street as investors brace for what is sure to be widespread damage to company earnings because of the coronavirus. Major banks and other companies will start reporting their earnings this week, including JPMorgan Chase, which releases its report early Tuesday. The S&P 500 fell 1% Monday. The benchmark index is coming off a gain of 12% last week, its best weekly gain in 45 years. Oil prices wound up somewhat lower after OPEC nations and other big producers agreed to reduce output. Demand for energy has cratered because of travel restrictions and business shutdowns related to the outbreak.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story is below:
Stocks headed lower on Wall Street in early afternoon trading Monday as investors braced for a sobering first look this week at how the coronavirus pandemic has hurt company earnings.
The pullback followed news over the weekend that OPEC, Russia and other oil producing nations have agreed to cut…
Source news reuters.com, click here to read the full news.
