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US STOCKS-Wall Street drops as U.S. crude futures prices turn negative

Published 20/04/2020, 19:45
© Reuters.
US500
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DJI
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CL
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IXIC
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SPNY
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(For a live blog on the U.S. stock market, click LIVE/ or
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* U.S. crude front-month drops to record low -$37.63 a
barrel
* Indexes: Dow -1.79%, S&P 500 -1.27%, Nasdaq -0.46%

(Updates with afternoon trade)
By Noel Randewich
April 20 (Reuters) - Wall Street fell sharply on Monday
after U.S. crude futures turned negative for the first time in
history, underscoring the chaos the coronavirus pandemic has
unleashed on the global economy.
The S&P energy index .SPNY tumbled 2.8% after the
front-month May U.S. West Texas Intermediate (WTI) contract
CLc1 turned negative - unprecedented in history - with sellers
offering buyers $37.63 a barrel. O/R
With much of the global economy suspended due to the
coronavirus, physical demand for crude has dried up, creating a
global supply glut as billions of people stay home.
"Oil down is normally good for the rest of the sectors, but
you can make the argument that it is so low that it's not good
for anybody in terms of what it's going to do to unemployment
and economic growth," said Jake Dollarhide, chief executive
officer of Longbow Asset Management in Tulsa, Oklahoma.
At 2:26 p.m. ET, the Dow Jones Industrial Average .DJI was
down 1.79% at 23,807.69 points, while the S&P 500 .SPX lost
1.27% to 2,838.15.
The Nasdaq Composite .IXIC dropped 0.46% to 8,610.34.

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