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Stocks around the world also fell earlier in the day, taking their cue from oil's movements.
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The major banks in the U.S. are anticipating a flood of loan defaults as households and business customers take a big financial hit from the coronavirus pandemic.
Economics
The City of Reno is looking at ways to tighten its belt with an expected recession on the way.
The Dow Jones Industrial Average moved above the 27,000 point mark for the first time Thursday, a day after the S&P 500 made its first move above 3,000.
Seven CEOs of the largest banks in the U.S. are appearing in front of Congress Wednesday, the largest gathering of heads of the banking industry in Washington since the financial crisis.
Stock trading turned jittery again after two weeks of gains, pulling the Dow Jones Industrial Average down 602 points.
President Donald Trump says he will decide in two to three weeks, if not sooner, who will be America's next ambassador to the United Nations.
The Dow Jones Industrial Average briefly crossed 23,000 points for the first time Tuesday morning before slipping back below that threshold.
Stocks opened strongly higher on Wall Street, led by big gains in banks as investors expected interest rates to rise.
President-elect Donald Trump is expected to name Gary Cohn, the No. 2 executive at the powerhouse Wall Street firm Goldman Sachs, to a prominent White House economic post.