New York (AFP)
Wall Street sank in the red Tuesday for the second session in a row, as oil prices continue to move to alarming levels for investors in the aftermath of an historic collapse.
The Wall Street flagship index, the Dow Jones Industrial Average, fell 2.67% to 23,018.88 points.
The highly technological Nasdaq fell 3.48% to 8,263.23 points, and the S&P 500, which represents the 500 largest companies on Wall Street, fell 3.07% to 2,736.56 points.
After Monday's collapse in the black gold market, the price of a barrel of crude traded in New York (WTI) for delivery in May fell below zero dollars for the first time in its history, prices are remained under pressure.
The WTI and Brent contracts, benchmark in London, for delivery in June tumbled 43% and 24.4% respectively on Tuesday, weighed down by particularly weak demand and reserves close to saturation.
For Art Hogan of National Holdings, this situation reflects the catastrophic economic situation of the United States, hit hard by the coronavirus.
"This is a sign that a tsunami of bad news is waiting for us," warns Hogan, who believes that market instability could continue until the peak in contamination cases is clearly reached.
The announcement by the Republican majority in the Senate Mitch McConnell of an agreement on new aid measures of more than 480 billion dollars, a large part of which is aimed at American SMEs ravaged by the crisis, has not in any case not reacted the New York place.
Among the indicators, resales of old homes fell 8.5% in March from the previous month, according to data from the National Association of American Real Estate Agents (NAR).
On the bond market, the 10-year rate on the American debt fell to 0.5659% against 0.6053% the day before at the close.
© 2020 AFP