Oil drop saps gains as Wall Street fades late [Reuters]
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Source: Reuters
Oil drop saps gains as Wall Street fades late NEW YORK (Reuters) - Wall Street fell on Tuesday, as a drop in oil prices steepened in the latter stages of the session and erased early gains built on tentative signs that coronavirus outbreaks in some of the biggest U.S. hot spots may be leveling. The S&P initially appeared poise to add to a 7% jump on Monday, after health officials said the pandemic may kill fewer Americans than indicated in recent projections. Governor Andrew Cuomo said New York, the epicenter of the virus in the United States, was nearing a plateau in the number of patients hospitalized. “The market sees some hint of good news in terms of the virus. We know we’ve got the Fed and a lot of stimulus, fiscal stimulus coming,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute in St. Louis, Missouri. Energy and materials were the best performing sectors, with an aggressive round of U.S. fiscal and monetary stimulus in the past month helpin
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