Wall Street pulls back as dismal economic data piles higher
By STAN CHOE AP Business Writer
Stocks are pulling back on Wall Street as more grim news piles up about the economic damage caused the coronavirus outbreak. The S&P 500 index was down 1.2% in afternoon trading Thursday. Treasury yields were also lower, while European stocks fell more sharply as a global rally slammed on the brakes. The U.S. government reported more than 3.8 million laid-off workers applied for unemployment benefits last week, and data showed the European economy contracted by a record 3.8% in the first three months of the year. Even with its loss, the S&P 500 is still on track for its best monthly performance in decades.