NEW YORK (AP) – Stocks are down broadly on Wall Street, erasing some of the market’s gains after its best week since 1974.
The S&P 500 fell 1.8% in morning trading Monday. It had surged 12% last week.
The selling came as investors weigh a pact by big oil producers to cut production following a collapse in demand due to the coronavirus pandemic.
The agreement sent oil prices higher. Traders are also bracing for a sobering first look this week at how the outbreak has hurt corporate America.
JPMorgan Chase, Johnson & Johnson and other big companies are set to report their results for the first quarter this week.
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