Wall Street tumbles as US crude extends fall adding to pandemic woes

With the collapse spilling into June futures contracts, investors turned fearful about the extent of the economic damage from sweeping lockdown measures

Wall Street retreated for a second straight day on Tuesday as a collapse in US crude prices and glum annual profit forecasts by companies foreshadowed the biggest economic slump since the Great Depression due to the coronavirus outbreak.

Almost all the major S&P 500 sub-sectors fell more than 1 per cent , with the energy index sliding for the seventh time in eight sessions a day after the WTI contract crashed below zero as oil traders ran out of storage for May deliveries.

With the collapse spilling into June futures contracts, investors turned fearful about the extent of the economic damage from