Wall Street's rally fizzles as oil prices suddenly plunge
Copyright 2020 The Associated Press. All rights reserved.
FILE - In this Jan. 3, 2020 file photo, the Wall St. street sign is framed by American flags flying outside the New York Stock Exchange in New York. Shares are down in European trading on Friday, March 27, and expected to drop on Wall Street as investors weigh news of more virus infections against the economic stimulus provided by world authorities. (AP Photo/Mary Altaffer, File)
The Associated Press
Posted at 2:13 PM, Apr 07, 2020
and last updated2020-04-07 16:13:31-04
A big rally on Wall Street is losing steam in afternoon trading, undercut in part by another plunge in the price of oil, keeping the market from ending with a rare back-to-back gain.
The S&P 500 ended down .16% during trading Tuesday, after earlier being up as much as 3.5%. The market’s gains faded as the price of U.S. oil flipped from a gain to a steep loss of more than 9%.
It dampened what had been an ebullient day for markets worldwide, which rose on encouraging signs that the coronavirus pandemic may be close to leveling off in some of the hardest hit areas of the world.
The Dow Jones closed down just .12% on Tuesday.
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