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Wall Street's rally fizzles as oil prices suddenly plunge

Wall Street's rally fizzles as oil prices suddenly plunge
Posted at 1:13 PM, Apr 07, 2020
and last updated 2020-04-07 16:13:31-04

A big rally on Wall Street is losing steam in afternoon trading, undercut in part by another plunge in the price of oil, keeping the market from ending with a rare back-to-back gain.

The S&P 500 ended down .16% during trading Tuesday, after earlier being up as much as 3.5%. The market’s gains faded as the price of U.S. oil flipped from a gain to a steep loss of more than 9%.

It dampened what had been an ebullient day for markets worldwide, which rose on encouraging signs that the coronavirus pandemic may be close to leveling off in some of the hardest hit areas of the world.

The Dow Jones closed down just .12% on Tuesday.