The Dow closed 410.32 points lower, or 1.84%, at 21,917.16. The S&P 500 slid 1.60% to 2,584.59. The Nasdaq Composite fell 0.95% to 7,700.10. The major averages gyrated between gains and losses throughout the session as Wall Street wrapped up a volatile quarter.
Worst first quarter ever for Dow
The Dow ended the quarter down more than 20%, marking its biggest first-quarter loss on record. The S&P 500 and Nasdaq both fell more than 14% this quarter. To be sure, the major averages regained some ground after hitting a low on March 23. However more clarity is needed on the virus' economic impact as well as the outbreak itself before stocks can make a meaningful rebound.
Bank shares slide, tech gains
Bank stocks fell, pressuring the broader market. JPMorgan Chase dropped 3.71% while Citigroup closed 4.45% lower. Bank of America shares slid 3.68%. Gains in tech stock such as Facebook, Netflix and Alphabet partially offset the decline in bank shares. Facebook gained 0.51%, while Netflix advanced more than 1.22% each. Alphabet climbed 1.36%.
What happens next?
Weekly mortgage applications, along with manufacturing and private payrolls data, are scheduled for release on Wednesday.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
Source: cnbc.com
