Stocks plummet as oil dips into unprecedented negative territory

The Dow Jones Industrial Average lost nearly 500 points as the markets opened Tuesday, amid record losses in the oil markets and concern about when Congress will agree on more money to support U.S businesses. The S&P 500 fell 1.6% in early Tuesday trading. 

Senate Minority Leader Chuck Schumer held conversations with House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin into late Monday night. He says several key agreements have been reached and he expects the Senate to pass a supplemental bill to replenish the Paycheck Protection Program later today.

U.S. stock futures were trading down about 500 points this morning. The West Texas Intermediate (WTI) May delivery contract was still trading in negative territory, as the oil market continues to face unprecedented losses. 

The WTI June contract dipped below the $20 threshold as demand for oil disappears.

Major European indexes closed about 2% lower today, following similar closes in Asian markets.

In global currency news, the South Korean won fell nearly 1% against the U.S. dollar, as news that North Korean leader Kim Jong Un is gravely ill permeated the media cycles. South Korea has since reported that there is no truth to the news.