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Stocks Slump, Treasuries Surge Amid Economic Gloom: Markets Wrap

  • Retail sales, factory output, homebuilder sentiment all plunge
  • Oil falls to 18-year low after record collapse in U.S. demand
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Dalio Says the Fed Will Do 'Practically Anything' to Save the SystemSource: Bloomberg
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Stocks slumped, while Treasuries surged as bleak retail, manufacturing and homebuilding data from the world’s largest economy added to concern over a severe global recession.

The S&P 500 Index sank from a one-month high, with all of its major groups dropping. Financial shares slid as Goldman Sachs Group Inc.’s investment portfolio took a hit from the coronavirus pandemic, while Bank of America Corp. and Citigroup Inc. followed rivals in setting aside billions for loan losses. Oil plunged to the lowest in two decades amid a record collapse in U.S. fuel demand. Treasuries surged with the dollar.