Closing Bell: Crude Oil Slumps For Fifth Straight Day; U.S. Stocks Decline

Wall Street ended the day with slight losses on uncertainty over the upcoming French election and another sharp drop in crude oil. Markets pared losses, though, after President Donald Trump promised to reveal details of his tax reform plan next week. The Trump administration has knocked back a request from Exxon Mobil (XOM) - Get Report for a waiver from Russian sanctions. The oil company has been in pursuit of waivers to those sanctions since 2015. Crude ended its fifth day in the red on worries over ballooning U.S. production. The number of active rigs drilling for oil increased for a fourteenth week in a row. Crude closed below $50 a barrel. Skechers (SKX) - Get Report topped analysts' estimates on its top- and bottom-lines over the first quarter. Quarterly revenue crossed $1 billion for the first time in the company's history.