Stocks tumble again as oil wipeout continues [MSN Money]
Exxon Mobil Corporation (XOM)
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Source: MSN Money
Stocks fell sharply again Tuday as oil pric continued their unprecedted wipeout.Load ErrorThe Dow was down more than 600 points, or .6%, while the S&P 500 dropped % and the Nasdaq fell .7%.Traders were focused on the strange happings with oil futur once again, which raised concern about deep loss for the ergy industry hitting the U.S. economy ev further.On Monday, the May contract for oil futur expiring Tuday fell to zero and th wt to an actual negative price, meaning producers would pay for someone to take the oil off their hands.The bizarre move has to do with the fact that because of the coroanvirus shutdowns, big buyers of oil like refineri don’t need any more oil because their tanks are nearly filled.That May contract clawed back into the back in early trading Tuday.“If we ever needed a reminder for the extt of the abrupt decline in global economic activity, it is the fact that WTI oil futur saw a negative price,” said Tom Lee, the head of rearch at Fundstrat Global Adivsors, in
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