Stocks close sharply lower as historic oil plunge stokes more jitters
Stocks ended sharply lower Monday, retreating after back-to-back weekly gains, as a historic decline U.S. crude prices raised concerns about the economic damage being done by coronavirus shutdowns. A delay in funding the depleted small-business rescue loan program also weighed on sentiment.
The Dow closed down 592 points, or 2.4%, while the S&P 500 lost 1.8% and the Nasdaq shed 1%.
Boeing fell more than 6% to lead the Dow lower, while Chevron and Exxon Mobil dropped more than 4% each. Energy, real estate and utilities were the worst-performing sectors in the S&P 500, falling more than 3% each.
A historic fall in energy prices raised concerns about how deep the economic slowdown will be this quarter. The May contract for West Texas Intermediate, which expires on Tuesday, plunged more than 100% to settle at $37.63 per barrel on weak demand outlook and storage capacity issues.
https://www.msn.com/en-us/money/markets/stocks-close-sharply-lower-as-historic-oil-plunge-stokes-more-jitters/ar-BB12Td94
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