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 445.41 points, or 1.9%, to 23,504.35. The S&P 500 slid 2.2% to 2,783.36 while the Nasdaq Composite closed 1.4% lower at 8,393.18. Both the Dow and S&P 500 had their worst session since April 1.

Bank of America closed more than 6% lower on the back of disappointing earnings. Citigroup fell more than 5%. Energy, materials and financials were the worst-performing sectors in the S&P 500, dropping more than 4% each.

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.

"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.

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.