Stocks waver after government reports 700,000 job losses

Stocks are wavering in early trading on Wall Street after the government reported that more than 700,000 jobs were lost last month.

The S&P 500 was up 0.4% in the first few minutes of trading.

Businesses have shut down across the country and the world as people stay home in hopes of slowing the spread of the coronavirus outbreak.

European markets were down after losses in most of Asia.

The price of oil continued to rise on hopes for a global deal to limit overproduction, which helped boost energy stocks. The price of benchmark U.S. crude rose 7%.

US sheds 701,000 jobs, ending a record-long hiring streak