NEW YORK: Wall Street stocks tumbled for a second straight session on Tuesday as worries about chaos in the oil market overshadowed progress in Washington on additional relief for small businesses.Advertisement
A day after its historic slide into negative territory amid a supply glut, US oil futures finished in positive territory. But the market remained under heavy pressure due to a supply glut as petroleum demand sinks due to coronavirus shutdowns. A third factor has been a steady stream of announcements by major companies that have withdrawn their profit forecasts due to the unknown timeframe for ending lockdowns."It's a manifestation of the reminder that we've got a tsunami of bad news in front of us," Hogan said.