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Economic activity contracted sharply and abruptly: Fed

CNBC's Steve Liesman reports the latest from the Federal Reserve's 'Beige Book' report. He discusses what impact the Fed is seeing on the economy from coronavirus. Stocks fell sharply on Wednesday as dismal economic data and weak bank earnings fueled concerns over the coronavirus’s impact on the U.S. economy. The Dow Jones Industrial Average dropped 428 points, or 1.7%. The S&P 500 slid 2.1% while the Nasdaq Composite traded 1.2% lower. Bank of America traded more than 5% lower on the back of disappointing earnings. Citigroup fell more than 4%. Energy and financials were the worst-performing sectors in the S&P 500, dropping more than 3% each. “If this is a precursor to what we can expect throughout the U.S. ... there’s no word for it,” said Quincy Krosby, chief market strategist at Prudential Financial. “The reflects the complete shutdown of the economy.” “The question is how quickly can the economy come back,” said Krosby, noting the market did gallop higher in recent weeks and was due for some consolidation. Retail sales during the month of March plunged a record 8.7%, according to a report from the Commerce Department published Wednesday. That was the largest one-month decline since the department began tracking the series in 1992. Grocery stores, pharmacies and other retailers of essential goods saw a surge in demand last month amid the outbreak, the government said. But sales at a variety of other businesses — such as gas stations, auto dealerships, and restaurants — swooned as state governments shuttered commerce in an effort to slow the virus. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC #CNBC TV