Stocks continued Monday's sell off throughout Tuesday's session. Investors traded cautiously as they weighed economic consequences for uncharted territory in oil pricing. Demand for oil is expected to remain depressed for the remainder of the coronavirus pandemic as global travel and energy dependent industries pull crude prices lower. The West Texas Intermediate
However, President Donald Trump is determined to save the oil industry during this unprecedented time. Trump tweeted: "We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!"
Here's how the market closed out on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, shares of IBM
In Stock Sector News, every sector continued to fall as market participants traded with risk management in mind. The negative sector performance was as follows: Information Technology -4.10%, Financials -3.20%, Communication Services -3.18%, Health Care -3.14%, Consumer Discretionary -2.66%, Materials -2.48%, Industrials -2.42%, Consumer Staples -2.27%, Energy -1.68%, Real Estate and Utilities -1.61%.
In Commodity and Currency News, oil benchmarks settled above negative pricing on Monday. West Texas Intermediate settled at $9.06 per barrel, increasing over 100% in price. Yet, Brent Crude
For Wednesday, market participants are most likely to trade based on OPEC and coronavirus headlines. In addition, companies like Delta Air Lines