Stocks closed broadly lower on Wall Street Monday, as the market gave up some of the big gains from its first back-to-back weekly increase since February. The selling came as oil prices plunged below zero for the first time, weighed down by excess supplies of crude due to pandemic-related business shutdowns, which have idled factories, offices and automobiles.
A barrel of benchmark U.S. oil for May delivery fell to negative $37.60 per barrel as traders sought to avoid owning crude oil with nowhere to store it.
The S&P 500 fell 1.8%, giving up some of the big gains from its first back-to-back weekly gain since February.