Dow Sags 26 Points on Quick Plunge in Oil Prices

Major indexes were up 3% earlier in the day
By Newser Editors and Wire Services
Posted Apr 7, 2020 3:16 PM CDT

(Newser) – A rally on Wall Street evaporated after the price of crude oil took a sudden turn lower, deflating gains in the energy sector. Major indexes ended slightly lower Tuesday after being up more than 3% earlier, reports the AP. The market was coming off an even bigger gain of 7% the day before. The rally faded after the price of US oil flipped from a gain to a steep loss of more than 9%. It had otherwise been an ebullient day for markets worldwide following encouraging signs that the coronavirus pandemic may be close to leveling off in some of the hardest-hit areas of the world. The Dow finished down 26 points at 22,654; the S&P 500 down 4 at 2,659; and the Nasdaq down 26 at 7,887. (Read more stock market stories.)

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