Here's what happened to the stock market on Wednesday

Stocks were under pressure as dismal economic data and weak bank earnings dented market sentiment.

Retail sales during the month of March plunged a record 8.7%, marking the largest one-month decline since the Commerce Department began tracking the series in 1992.

Manufacturing in the New York area also slumped by its biggest margin ever to a historic low, surpassing the levels seen in the throes of the Great Recession. "This points to a very severe recession because this is just the beginning of a series,"

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