NEW YORK (AP) — Oil prices are continuing to collapse, inflicting more damage on stock markets around the world as shutdowns related to the coronavirus pandemic bring economies to a halt.

The S&P 500 closed down 3% Tuesday, its second straight loss.

Markets across Europe and Asia had similar drops. Oil prices crumbled again as demand for energy withers as planes remain parked, cars garaged and factories shut down. Meanwhile, storage tanks for all the excess crude are getting filled close to their limits.

Treasury yields fell, meaning investors are willing to get paid even less to get the safety of owning U.S. government bonds.