Stocks Drop Most in 3 Weeks; Oil Collapse Deepens: Markets Wrap
- June oil futures plunged as expiring May contract rebounded
- Europe, Asia stocks decline; Treasuries rise with dollar
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U.S. stocks tumbled the most in almost three weeks and Treasury bonds rallied as turmoil in the crude oil futures market triggered a fresh bout of risk aversion.
The S&P 500 fell 3.07%, with equity investors shrugging off a deal reached by the White House and congressional leaders on fresh spending to combat the impact of the coronavirus pandemic. The historic rout in crude rattled markets for a second day, with the June contract plunging almost 70% at one point after May contracts that expired Tuesday sank below zero for the first time in history. The benchmark 10-year Treasury yield dropped below 0.55%.