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April 15 (UPI) -- Stocks fell Wednesday amid poor bank earnings reports, concerns surrounding the global COVID-19 pandemic and falling oil prices. The Dow Jones Industrial Average closed down 445.41 points, or 1.86 percent, while the S&P 500 dropped 2.2 percent and the Nasdaq Composite slid 1.44 percent.
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Wednesday's decline came as the Commerce Department issued a report stating sales at U.S. retail outlets fell 8.7 percent from February to March, its largest monthly drop since it began tracking statistics in 1992.
Bank of America stock fell 6.49 percent after the bank said it would set aside $4.8 billion to cover credit losses amid the pandemic. Citigroup stock dropped 5.53 percent after the bank increased allowances to $20.8 billion. Earnings reports for each bank failed to meet expectations.
The energy, materials and financials sectors dragged the S&P 500 down, falling more than 4 percent each.
U.S. crude oil futures fell 24 cents a barrel, or 1.2 percent, to $19.87, falling below $20 for the first time since 2002.
Brent crude dropped 5.68 percent to $27.92 per barrel while WTI fell as low as $19.20 before ending the day at $20.26.
American Airlines stock rose 2.89 percent and United airlines stock rose 3.11 percent after several major U.S. airlines reached a deal with the U.S. Treasury Department to participate in the Payroll Support Program.
Wednesday's decline came after stocks rallied on Tuesday as the Dow rose 558 points amid optimism about reopening the economy.
