[CNBC Television] We need an innovative response to get economy back to where it was pre-coronavirus: Rep. McHenry
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CNBC’s Kelly Evans talks about North Carolina’s plan to reopen the economy with Rep. Patrick McHenry (R-N.C.) of North Carolina.
U.S. stocks fell sharply once again on Tuesday as oil prices continued their unprecedented wipeout, further denting market sentiment and dampening the global economic outlook.
The Dow Jones Industrial Average slid points, or more than 2.6%, to close at 23,. Tuesday’s losses brought the Dow’s two-day decline to more than 1,200 points. The S&P 500 dropped 2.7% to 2, while the Nasdaq Composite fell 3.5% to 8,. (Click here for the latest market news.)
Traders were focused on the strange happenings with oil futures once again, which raised concern about deep losses for the energy industry hitting the U.S. economy even further. The June contract for West Texas Intermediate cratered 43.4% to $ per barrel on Tuesday.
That sharp decline came a day after the May contract — which expired on Tuesday — went to an actual negative price, meaning traders would pay for someone to take the oil off their hands. The bizarre move had to do with the fact that because of the coronavirus shutdowns, big buyers of oil like refineries don’t need any more oil because their tanks are nearly filled. That May contract clawed back into the black on Tuesday.
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