U.S. Stocks Decline; Oil Futures Fall Below Zero: Markets Wrap [Yahoo! Finance News]
E*TRADE FINANCIAL CORP (ETFC)
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Source: Yahoo! Finance News
) -- U.S. stocks fell from a six-week high, with investors on edge as oil futures plunged to unprecedented levels and a spate of corporate earnings on tap.The halted a two-day gain and the Dow Jones Industrial Average fell more than 2%. Chevron and Exxon led losses in the blue-chip index as West Texas oil futures expiring Tuesday turned negative for the first time, primarily because the end of the May contract forces physical receipt at a time when storage capacity is low. June prices fell below $22 a barrel.“If there is one thing that’s certain about oil -- it’s very unpredictable, especially because prices are really dictated in the futures markets,” said Rick Swope, senior director of investor education at E*Trade Financial. “When it comes to oil, expectations often determine reality.”After the close of trading, IBM reported a drop in first-quarter revenue and pulled its profit forecast for the year. Meanwhile, Congress continued to negotiate a fresh spending bill to offset the pa
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