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4/15, 3:30 PM (Source: TeleTrader)
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US markets sink at open on disappointing data

Shares on Wall Street tumbled at the open on Wednesday following the strong United States economic data for March. The Fed reported industrial production monthly dropped by 5.4%, marking the biggest decrease since 1946, while the Census Bureau revealed retail sales declined 8.7% for the same period.

In business news, The Goldman Sachs Group Inc. and UnitedHealth Group posted their financial results for the first quarter of the year earlier in the day.

The Dow sank 2.38% at the open, with American Express plummeting 7.53%. The Nasdaq 100 slumped 1.65% at the start of the session, as NXP Semiconductors fell 4.59%. The S&P 500 kicked off by declining 2.27%. Apache Corp. led the losses, plunging 12.18%.

The euro lost 0.96% compared to the dollar to sell for $1.09864 at 9:33 am ET.

Breaking the News / ND