Oil’s chaotic collapse deepens; stocks drop worldwide

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NEW YORK (AP) – Oil prices are continuing to collapse, and U.S. stocks dropped to their worst loss in weeks as worries sweep markets about the economic damage caused by the coronavirus outbreak.

The S&P 500 fell 3.1% for its biggest loss since April 1, and markets across Europe and Asia had similar drops.

Oil prices crumbled again as demand for energy withers with planes parked, cars garaged and factories shut down. Storage tanks for all that excess crude are getting close to their limits, meanwhile.

Treasury yields fell, meaning investors are willing to get paid even less to get the safety of owning U.S. government bonds.

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