Dow Jones, S&P tumble over 2% on gloomy economic data, bank earnings

The banking subsector declined 5.2%, falling for the third straight day

Wall Street's main indexes slid 2% on Wednesday, as a record drop in retail sales and dour first-quarter earnings reports lent weight to forecasts for the biggest economic slump since the Great Depression.

U.S. retail sales plunged 8.7% in March, setting up consumer spending for its worst decline in decades, while a separate survey showed manufacturing activity in New York state plunged in April to its lowest in the series' history.

Bank of America , Goldman Sachs Group Inc and Citigroup Inc fell between 2.2% and 4.6% as they joined JPMorgan Chase & Co  and Wells Fargo & Co in setting aside