NOTE: This is a free article from The Washington Post.
U.S. crude prices for May delivery turned negative – a first – amid scarce demand and limited storage capacity
U.S. stocks were shaken deeply into the red Monday after oil traders desperate to unload near-term contracts for their vital commodity sold at a loss.
The Dow Jones industrial average closed down 592 points, 2.4 percent, to finish the day at 23,650.44. The broader Standard & Poor’s 500 index fell 51 points, or 1.8 percent, to 2,823,16. The tech-heavy Nasdaq slid 89 points, or 1.0 percent, to 8,560.73.
Investors expect Monday’s volatility to stay in place in coming days as Wall Street heads into the thick of the earnings season, with closely watched names like Coca-Cola, Lockheed Martin, AT&T, Eli Lilly, American Express and Verizon releasing financial results this week. Continue reading.