Fear of the spreading coronavirus outbreak extends the stock market's rout, with the Dow plunging nearly 1,200 points to end the day in a correction
The yield on the 10-year Treasury, a closely watched barometer for the U.S. economy, briefly hit a record low, sliding to below 1.25% Thursday, down from 1.34%. The yield on the three-month Treasury bill edged up to 1.50%. The inversion in the yield between the 10-year and the three-month Treasurys is a red flag for investors because it has preceded the past seven recessions.
Financial markets have been spooked by concerns the deadly virus will hinder the longest U.S. economic expansion on record, which is approaching its 11th year. Data released Thursday showed the U.S. economy grew at a moderate 2.1% annualized pace in the fourth quarter, the Commerce Department said in its second estimate.
President Donald Trump announced late Thursday the United States was stepping up its efforts to combat the virus outbreak. Shortly after Trump spoke, the government announced that another person in the USA was infected – someone in California who didn't have the usual risk factors of having traveled abroad or being exposed to another patient.
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