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4/20, 3:31 PM (Source: TeleTrader)
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Dow loses more than 450 pts at open as oil crashes

Shares in the United States started the trading week in the negative territory, as the price of oil tumbled to the lowest level since 1998, following the slump in demand and overcapacity in storage facilities. Meanwhile, investors are still focusing on coronavirus outbreak, hoping that the pandemic will lose its strength at least gradually.

The Dow Jones Industrial Average lost 488 points dropping 1.97% at the opening bell, with Exxon Mobil and Chevron down 5.63% and 5.30% respectively at 9:47 am ET. The Nasdaq 100 fell 0.90% as United Airlines lost 4.50%, while the S&P 500 also moves 1.57% lower with Occidental Petroleum tumbled 11.69% at the same time.

The euro slipped 0.11% versus the greenback to sell for $1.08623 at 9:33 am ET, while the pound also lost 0.57% compared to the dollar, changing hands at $1.24288 at the same time.

Breaking the News / BJ