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Stocks - Wall Street Ends Negative in Ugly Reversal as Energy Runs out of Steam

Stock MarketsApr 07, 2020 04:08PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – A wave of late selling hit stocks Tuesday as the energy-infused rally ran out of steam. Oil prices fell sharply as fears about a glut in crude supply continue to mount.

The Dow fell 0.12%, or 26 points, but had been up about 937 points at the highs of the day. The S&P 500 fell 0.16% and the Nasdaq Composite ended 0.33% lower.

Energy stocks, which had led the early-day really, came under pressure as oil prices dropped 9% amid rising worries a coordinated production cut from global oil producers will do little to stop an expected glut in supply.

Some on Wall Street ahve estimated the coronavirus pandemic has cut demand by as many as 20 million barrels per day.

Gains in the market were also stifled by a 4.8% decline in Boeing (NYSE:BA) amid reports that regulators have delayed the 737 Max test flight until May.

The 737 Max has been grounded since March last year following two fatal crashes.

The wild ride on Wall Street comes as many weigh signs that measures, including social distancing, in hot spots like New York and New Jersey are helping to curb the outbreak against fears that other states could see a wave of infections.

Underscoring a fall in the rate of hospitalizations, New York Governor Andrew Cuomo said the state was still indicating that the spread of the virus was plateauing, even as the state reported its biggest increase in deaths of 731 overnight.

Cuomo said, however, that death was a lagging indicator in the fight against the virus. He also pointed to a significant drop in patients admitted to intensive care units.

Infection in the U.S. increased 24,470 to 391,474 since Monday, with as many as 12,500 deaths recorded.

Sentiment on Wall Street was supported earlier by hopes Congress is readying another large stimulus package to curb the economic fallout from Covid-19 crisis.

Financials, mostly banks, ended the day higher, underpinned by a jump in Treasury yields.

JPMorgan Chase (NYSE:JPM) closed about 2% higher, while Goldman Sachs (NYSE:GS) gained 5% and Bank of America (NYSE:BAC) rose 4%.

Stocks - Wall Street Ends Negative in Ugly Reversal as Energy Runs out of Steam
 

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Comments (24)
Andrew Epperson
Andrew Epperson Apr 08, 2020 4:00AM ET
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Part of me hope's all these buyers are not younger guys that think they got it figured out.
Andrew Epperson
Andrew Epperson Apr 08, 2020 3:59AM ET
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Wow, if this Bear is over already the next one will be the longest in a century. Or we will mirror the Nikkei Index. (has not recovered from 1980s)
Haresh Chandwani
Haresh Chandwani Apr 08, 2020 3:10AM ET
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Bulls are looKing for another celebration of covid mayhem!! pump up the futures..WE NEED HIGHER LEVELS TO SHORT!?
Pwr Strk
Pwr Strk Apr 08, 2020 2:23AM ET
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dead gut pounce
Midway Eholdings
Midway Eholdings Apr 08, 2020 1:36AM ET
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If the doom and gloom crowd were correct the dow would be 5000 pts lower. This is why most people lose money trading.
jemin An
jemin An Apr 08, 2020 1:15AM ET
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It was bear market rally, cause crazy manipulator Trump made. Only investor lose their profit.
Haresh Chandwani
Haresh Chandwani Apr 07, 2020 10:36PM ET
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Of course we shorted yesterday's wonderful bounce.. we shall book partial profits and request you dead bulls to try for another such bounce.. we need to keep it coming please!!
Patron Silver
Patron Silver Apr 07, 2020 10:36PM ET
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whats with the we stuff. ur trading in moms guest room
john richards
john richards Apr 07, 2020 9:25PM ET
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remember 9/11?  Things will never be normal ever again. By the summer of 2002-hotel rates were so high-that some still have not been ecliped to this day.  But things will never be the same again!
john richards
john richards Apr 07, 2020 9:22PM ET
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posting things like Dow 14,000 while the fed has given a blank check, we'll have $1 fuel and 0percent rates is why the leftists are always wrong.
john richards
john richards Apr 07, 2020 9:20PM ET
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They just tried to squeeze the shorts again on the open like Mondays close-when that failed they bailed. Not rocket surgery folks.
Jawed Saleem
Jawed Saleem Apr 07, 2020 8:55PM ET
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Whipsaw market. Black swan.🦆Bear market rallies don't have legs.
Viktor Delacroix
Viktor Delacroix Apr 07, 2020 8:09PM ET
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Exhausted bull,as I said earlier. Also,the epic 3:50 bomb drop.
YehHanWen hansen
YehHanWen hansen Apr 07, 2020 7:04PM ET
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CRASHES next3days --shorted 23420.
YehHanWen hansen
YehHanWen hansen Apr 07, 2020 7:04PM ET
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Also Shorted S&P 2680 & long GLD.
YehHanWen hansen
YehHanWen hansen Apr 07, 2020 7:04PM ET
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Trump's Swamp a.k.a W/S BIG CROCS has unloaded holdings onto new bulls....
jemin An
jemin An Apr 07, 2020 6:58PM ET
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Out of mind, Crazy, baseless futures rocketed and plunged.
James Holmgren
James Holmgren Apr 07, 2020 6:23PM ET
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Oil glut. Looking at the clear skys over CA and AZ is a good indicator of why. Nobody's buying because nobody's driving either they're staying home out of fear or they're broke and nothing will change till a vaccine is available.
Krishna Bhatt
Krishna Bhatt Apr 07, 2020 6:23PM ET
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Absolutely
Ivan Poljasevic
Ivan Poljasevic Apr 07, 2020 6:08PM ET
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"Steam" Lol
Junk Man
Junk_Man Apr 07, 2020 5:56PM ET
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Risk still on the downside until we see some sort of peak... Hopefully we are almost there....
Haresh Chandwani
Haresh Chandwani Apr 07, 2020 5:30PM ET
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Just as expected! A DEAD BULL BOUNCE that was yesterday..
Varga Róbert
Varga Róbert Apr 07, 2020 5:30PM ET
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I hope you are right and soon we will experience the real bear
Joe Caulfield
Joe Caulfield Apr 07, 2020 5:30PM ET
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My puts gave a chance?!
Cody Nguyen
Cody Nguyen Apr 07, 2020 5:30PM ET
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Yep. Bear market rally. I'd sell on any good news
lissa cunanan
lissa cunanan Apr 07, 2020 5:26PM ET
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Yes hospitalizations are down becaue they are all in the morgue
Marco cuevas
Marco cuevas Apr 07, 2020 4:48PM ET
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1 trillion made yesterday, 1 trillion lost today...sorry big investors...bears will RULE.
Fabio falec
falec Apr 07, 2020 4:48PM ET
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Yesterday rally, today ended at 0 almost. What movie were you watching?
Paul Rockwood
Paul Rockwood Apr 07, 2020 4:48PM ET
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all today did was trap small $$$
Ravi Verma
Ravi Verma Apr 07, 2020 4:48PM ET
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It's an art of Analyst how he wants to present the news what a lobby of traders demands, small investors just follow them like a dumb with a fear that if I do not buy at a rally I might miss the train, and if I do not sell them I might lose my hard earned money. I agree that bears will rule at least for 2-4 months.
Michael Laino
Michael Laino Apr 07, 2020 4:48PM ET
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why hope for bear market
Gabriel Hines
Gabriel Hines Apr 07, 2020 4:41PM ET
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Picture is a lie tradi g floor is empty. This is all a lie.
cran Vivid
cran Vivid Apr 07, 2020 4:41PM ET
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True...I would say though the photos are general stock photos can be bought from the internet for any writing subject... no authors likely go take a photo for his/her articles on daily basis for their writing.
Ciprian Preepleac
Ciprian Preepleac Apr 07, 2020 4:38PM ET
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bulls night high and bears might low but us neutrals / swingers love You both !
Earl castelo
Earl castelo Apr 07, 2020 4:29PM ET
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Bears are in full control, what makes people think the markets have bottomed? Even seasoned traders are losing their shirts here.
jonathan seagull
jonathan seagull Apr 07, 2020 4:29PM ET
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What reason makes you it ha NOT yet bottomed?
Hec Encinas
Hec Encinas Apr 07, 2020 4:27PM ET
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where are you bulls? your energy was drained? or daddy FED stopped the assets buys back?
Rahnn Haggins
Rahnn Haggins Apr 07, 2020 4:27PM ET
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daddy has an injection scheduled thursday
Hec Encinas
Hec Encinas Apr 07, 2020 4:27PM ET
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hahaha US citizens money
Randy Randy
randy00 Apr 07, 2020 4:27PM ET
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Hec Encinas  Ain't it great?
David Cook
David Cook Apr 07, 2020 4:27PM ET
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I would love to read about it. where did you?
 
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