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
Wall Street's Rally Evaporates, Dow Sags 26 Points
In this image taken from video provided by the New York Stock Exchange, Tommy Gannon, Assistant Supervisor, Facilities, rings the opening bell at the NYSE, and recognizes the Sodexo food services staff at Beth Israel Deaconess Medical Center in Boston, Tuesday, April 7, 2020, in New York.   (New York Stock Exchange via AP)

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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