Wall Street’s rally fizzles as oil prices suddenly plunge
NEW YORK — A rally on Wall Street evaporated after the price of crude oil took a sudden turn lower, deflating gains in the energy sector. Major indexes ended slightly lower Tuesday after being up more than 3 percent earlier.
The market was coming off an even bigger gain of 7 percent the day before. The rally faded after the price of U.S. oil flipped from a gain to a steep loss of more than 9 percent.
It had otherwise been an ebullient day for markets worldwide following encouraging signs that the coronavirus pandemic may be close to leveling off in some of the hardest-hit areas of the world.