Stocks closed broadly lower on Wall Street Tuesday for the second straight day amid another steep skid in oil prices.
The S&P 500 fell about 3%. Markets across Europe and Asia had similar drops. The selling came as oil prices crumbled again as demand for energy withers because of shutdowns related to the coronavirus pandemic.
Meanwhile, storage tanks for all the excess crude are getting filled close to their limits. Treasury yields fell, meaning investors are willing to get paid even less to get the safety of owning U.S. government bonds.
The S&P 500 index fell 86.60 points, or 3.1%, to 2,736.56.
The Dow Jones Industrial Average slid 631.56, or 2.7%, to 23,018.88.
The Nasdaq lost 297.50 points, or 3.5%, to 8,263.23.
The Russell 2000 index of smaller company stocks dropped 28.25 points, or 2.3%, to 1,185.09.
For the week:
The S&P 500 is down 138 points, or 4.8%.
The Dow is down 1,223.61 points, or 5%.
The Nasdaq is down 386.91 points, or 4.5%
The Russell 2000 is down 44 points, or 3.6%.
For the year:
The S&P 500 is down 494.22 points, or 15.3%.
The Dow is down 5,519.56 points, or 19.3%.
The Nasdaq is down 709.38 points, or 7.9%
The Russell 2000 is down 483.37 points, or 29%.