'Economy in ruins' | Is the Fed really helping Main Street? | Business lending nears limit

Stocks fell as investors digested worse-than-expected economic reports.

VIEW IN BROWSER | SUBSCRIBE WED, APR 15, 2020 EVENING BRIEF AS OF WED, APR 15, 2020 • 04:05 ET DJIA 23504.35 -1.86% -445.41 S&P 500 2783.36 -2.20% -62.70 NASDAQ 8393.18 -1.44% -122.56   Most Active DOW NAME LAST CHG %CHG MSFT 171.88 -1.82 -1.05% BA 145.98 +4.98 +3.53% XOM 40.48 -1.95 -4.60% S&P 500 NAME LAST CHG %CHG GE 6.50 -0.43 -6.20% AAL 12.29 +0.34 +2.89% BAC 22.19 -1.54 -6.49% NASDAQ NAME LAST CHG %CHG AAL 12.29 +0.34 +2.89% AMD 54.99 +0.06 +0.11% UAL 31.86 +0.96 +3.11% EDITOR'S NOTE Investors knew the March retail sales numbers would be bad, but perhaps not this bad.   Sales were down 8.7%, which marked the biggest decline since 1992, when the Commerce Department first started issuing the report.   "All the toilet paper in the world can't clean up this report," read the title of a note from JPMorgan. Also on Wednesday, investors learned that the New York regional manufacturing index hit an all-time low of -78.2%, indicating the net percentage of companies reporting lower activity. Stocks dropped on the news.   CNBC's Patti Domm writes that the two reports are a first glimpse at the shocking amount of damage the coronavirus pandemic has wreaked on both consumers and businesses.   "The economy is clearly in ruins here," said Chris Rupkey, chief financial economist at MUFG Union Bank.    Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Dow drops as coronavirus shutdown slams economy, bank earnings The economic data is even worse than Wall Street feared: 'The economy is clearly in ruins here' The Fed's Main Street problem: Worries rise that money won't go where it's most needed Small business loans top $296 billion and could reach the program's limit by the end of Wednesday Homebuilder confidence index takes biggest one-month dive in its history as coronavirus slams economy Bank of America posts 45% decline in first-quarter profit, braces for big loan losses Half of the world has asked the IMF for a bailout, chief says Fed Beige Book says economy contracted 'sharply and abruptly' due to coronavirus Track the latest coronavirus news here Apple unveils a new, cheaper iPhone into a market vastly changed by coronavirus     TOP VIDEO IMF's Georgieva: 'Everything on the table' when responding to coronavirus fallout   CNBC PRO Tesla shares rise as Goldman initiates with 'buy' rating, sees rally above $800   SPECIAL REPORTS Airline stocks are on watch, and trader says one looks ready to break out As health care climbs out of correction, traders suggest investing 'selectively'   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS