U.S. stocks fell on Wednesday as dismal economic and first-quarter earnings reports compounded concerns over the extent of damage from the novel coronavirus pandemic.

U.S. stock indexes slumped nearly 2% minutes after the open on Wednesday as a record drop in retail sales and dour first-quarter earnings reports lent weight to forecasts for the biggest economic slump since the 1930s.

The Dow Jones Industrial Average fell 442.91 points, or 1.85%, to 23,506.85, the S&P 500 lost 62.24 points, or 2.19%, to 2,783.82 and the Nasdaq Composite dropped 122.56 points, or 1.44%, to 8,393.18.

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