U.S. stocks sold off yesterday as investors watched oil prices crash, overshadowing optimism about plans for a staggered easing of global lockdowns.
The May contract for U.S. West Texas intermediate crude oil, which expires today, erased all value and dropped below zero for the first time in history, settling at -$37.63 per barrel. The June contract for the commodity also sank sharply but held above $20 per barrel.
The Senate did not reach a deal on the next relief bill in time for a brief Monday session, but set up a vote as soon as this afternoon to replenish a key small business aid program. On Sunday, negotiators signaled they had come closer to a deal that could include $370 billion in loan programs for small businesses, designed to keep employees on the payroll as businesses across the country shutter. It may also include $75 billion for hospitals and $25 billion for testing — but not money for state and local governments that Democrats sought, as of now.
With Northwest Quadrant Wealth Management, I’m Tyler Simones