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Stocks give up gains on oil's sharp reversal

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NEW YORK - The stock market rocketed higher before giving back its gains in the late afternoon as oil prices saw a sudden selloff.

The S&P 500, which was close to exiting its bear market, ended the session modestly lower. The Dow Jones Industrial Average also closed lower, giving up a gain of more than 900 points. RELATED: CoronavirusNOW.com, FOX launches national hub for COVID-19 news and updates West Texas Intermediate crude oil, the U.S.

benchmark, fell suddenly and sharply to close down by 9.39 percent to $23.63 a barrel amid concerns over supply builds and ahead of OPEC's emergency virtual meeting on Thursday.While all three major averages fell, the S&P 500 briefly exited its bear market that began on March 12.

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