Wall Street tumbles as oil crash stirs Covid-19 fears; Dow falls over 2%

Topics Wall Street | Coronavirus | Lockdown


Wall Street tumbled for a second straight day on Tuesday as a collapse in US oil prices and glum forecasts by companies worsened fears of a deep economic downturn. All 11 S&P 500 sector indexes fell 1.

6 per cent  or more, with energy sliding for the seventh time in eight sessions a day after the WTI contract crashed below zero as oil traders ran out of storage for May deliveries. With the collapse spilling into June futures contracts, equity investors became wary of the extent of the economic damage from sweeping lockdown.

This article is no longer available in our repository.

There could be multiple reasons for this.