US stocks declined over the week driven by significant declines in oil prices. The S&P 500 declined 1.3%, while the Dow fell 1.9% for the week. Abroad, the FTSE All World Ex US dropped 2.0% for the week. Oil prices plunged over the week with oil contracts for May delivery falling below $0 a barrel due to oversupply and a lack of storage options. Oil ended the week down 30% to $16.94 a barrel, its worst week ever. The yield on the 10-year Treasury edged down over the week to finish at 0.59%.
The Senate approved a new $484 billion deal to aid small businesses and hospitals. Of the total, $320 billion will be added to the Paycheck Protection Plan and $60 billion will go towards the Economic Injury and Disaster Loan fund.
4.4 million workers filed for unemployment benefits last week bringing the total number over the past five weeks to 26 million.
Business activity in the US, Europe and Asia collapsed in April.
With roughly 25% of S&P 500 firms reporting results for the first quarter, first quarter profits are expected to drop 16% from a year earlier.