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Dow erases 900 point gain following worst day since financial crisis

U.S. stocks gave up early gains Tuesday, a day after crude suffered a historic rout while the broader stock market recorded its worst day since the financial crisis. 

The Dow Jones industrial average was virtually flat, after initially jumping more than 900 points after the opening bell. The blue-chip average plunged more than 2,000 points on Monday. A free fall in oil prices and mounting coronavirus cases rattled jittery investors a day earlier and pushed major indexes to the edge of a bear market, or a drop of 20% from a recent peak. 

The Standard & Poor’s 500 was up less than 0.1% Tuesday after jumping more than 3%. On Monday, the broad index posted its worst one-day percentage drop since October 2008. The index is off about 19% from its Feb. 19 record. 

Dizzying swings have been relentless in markets the last few weeks. Stocks had a couple days last week where they rose more than 4%, only for the bottom to give out again.

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