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U.S. Stocks Decline; Oil Futures Fall Below Zero: Markets Wrap

  • Crude contract is negative for first time since trading began
  • Treasury yields slip, dollar advances with precious metals
Bloomberg business news
“Given that the policy focus from governments and central banks has been to support the corporate sector, we like investment grade credit,” says Generali Investment’s Vincent Chaigneau.Markets: European Open. (Source: Bloomberg)
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U.S. stocks fell from a six-week high, with investors on edge as oil futures plunged to unprecedented levels and a spate of corporate earnings on tap.

The S&P 500 halted a two-day gain and the Dow Jones Industrial Average fell more than 2%. Chevron and Exxon led losses in the blue-chip index as West Texas oil futures expiring Tuesday turned negative for the first time, primarily because the end of the May contract forces physical receipt at a time when storage capacity is low. June prices fell below $22 a barrel.