US oil prices close below zero

The outsize drop was largely caused by unusually low trading volumes and the price for June delivery remained positive at about after declining 12%, Kinahan says. _____________________________________________________________ More on coronavirus: ______________________________________________________________ Still, he says the precipitous fall symbolizes the abrupt decline in global demand for oil as the pandemic discourages auto, air and other travel. Halliburton lurched between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. Last week, the Dow rose 2.2%, largely on hopes that coronavirus cases were peaking nationwide and state and federal officials debate a phased-in lifting of stay-at-home orders. Also weighing on stocks this week is a first-quarter earnings season that will show the pandemic’s initial blow to company profits and reveal guidance for coming quarters that may be bearish, Kinahan says. Gallery: Coronavirus pandemic (Photo Services) Tsai Li-mei (R) teaches a plastic arts class at the Nankan Junior High School in Taoyuan City, Taiwan, on 28 April. Stocks have been on a general upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% from a low on March 23. More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus. The S&P 500 remains nearly 17% below its record high as millions more U.S. workers file for unemployment every week amid the shutdowns. Many analysts also warn that some of the the recent rally for stocks is due to expectations the economy will pivot quickly and rebound sharply once economic quarantines are lifted. “There’s still uncertainty surrounding the reopening of the economy,” said Julian Emanuel, chief equity and derivatives strategist at BTIG.