Stocks have experienced sharp swings in recent weeks as investors weigh the global economic fallout from the virus outbreak.
Investors monitor oil prices to track supply and demand in energy markets and to gauge the health of the global economy. Lower crude prices tend to benefit the economy because prices at the gas pump typically fall for consumers. The sharp decline in crude, however, has raised worries among investors about the direction of the U.S. economy.
U.S. oil prices slumped 25% to $30.65 per barrel, paring some losses after tumbling 30%, which would have put it on track for its biggest one-day loss since the Gulf War in January 1991. Brent crude futures, the international benchmark, dropped 25% to $34.01 per barrel. The S&P 500 index has dropped 12% from its Feb. 19 record, putting the broad index in a correction, or a drop of 10% from a recent high.
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