Dow falls 300 points as banks, retailers flop

May 19 (UPI) -- The Dow Jones Industrial Average fell 390 points on Tuesday, following poor performances by bank stocks and retailers.

The bellwether index closed down 1.59 percent Tuesday, while the S&P 500 dropped 1.05 percent and the Nasdaq Composite slid 0.54 percent.

Tuesday's losses came after the markets reported their best session in six weeks on Monday as the Dow gained 900 points.

Markets were influenced in part by a STAT news report that dampened some of the optimism surrounding trials by biotech firm Moderna for a potential coronavirus vaccine that spurred the market's surge on Monday.

Moderna stock fell 10.41 percent on Tuesday after climbing 19.96 on Monday upon the announcement that early trials of the possible vaccine were "positive."

Bank shares also experienced a turnaround after positive results on Monday as Wells Fargo sank 5.75 percent, Bank of America fell 3.14 percent, Citigroup dropped 2.72 percent and JPMorgan Chase slid 1.73 percent.

Poor financial reports also caused retailers to take a hit Tuesday as Home Depot stock dropped 2.95 percent and Walmart fell 2.22 percent.