US stocks erase gains, close slightly lower

The major US stock erased the strong gains hit earlier in the session, to tilt lower in the last few minutes.

This came as the energy sector was weighed down by a sharp drop in oil prices.

The former Federal Reserve Chairwoman, Janet Yellen stressed that she expects the US economy to contract by 30% during the second quarter, and the unemployment rate to reach 12% or 13%.

The world's largest economy remains vulnerable to further economic damage from the coronavirus pandemic, as it's still the largest epicenter for the virus.

The US Treasury Secretary, Steven Mnuchin, stated that he proposed an extra $250 billion aid package to the US Congress to provide support for small companies.

To the oil market, WTI crude fell 9.6% to close at $23.63 a barrel, after hitting a high of $27.2 and a low of $25.3.

Brent fell 3.6% to $31.87 a barrel, with a high of $34.1 and a low of $32.7.

As for stocks, Dow Jones fell 0.1% or 26 points to close at 22,654, and hit a day high of 22,617 and a low 22,634.

Nasdaq fell by 0.3% or 26 points to 7,887 points, with a high of 8,146 and a low of 7,881 points.

S&P 500 dipped 0.1% or 4 points to close at 2,659 with a high of 2,756 and a low of 2,656.