Good afternoon: Today's PM — edited by Justin Green — is 441 words, a 2-minute read.
D.C. readers: You're invited ... Tomorrow at 8 a.m., please join White House editor Margaret Talev in downtown D.C. (14th and L) for an Axios News Shapers event on cybersecurity.
American stocks made history today, plummeting so quickly that they activated the NYSE's "circuit breakers" put in place after the Great Recession.
Why it matters: Today's sell-off — the worst single day since December 2008 and on the 11th anniversary of the Great Recession's stock bottom — reflects serious fears that the oil price drop and the coronavirus could throw the economy into a recession, Axios' Courtenay Brown writes.
The big picture: The stock market started rising shortly after trading resumed following the 15-minute break after a 7% drop. After the circuit breaker kicked in, trading was quite orderly and nonvolatile, preventing a bad Monday from becoming another Black Monday.
Between the lines: The benchmark U.S. 10-year Treasury yield fell to its lowest level on record, 0.32%, before climbing back above 0.5% later in the day. Prior to this year, its yield had never fallen below 1%, per Axios' Dion Rabouin.
Photo: Eric Risberg/AP
The Grand Princess cruise ship — carrying more than a dozen people infected with the coronavirus — passes beneath the Golden Gate Bridge before docking this afternoon in Oakland.
Count von Count, a Muppets classic, stars in a "Sesame Street" campaign to help families understand the importance of participating in the U.S. census.
On Thursday, households will begin receiving Census Bureau mail with information on how to respond online, by phone or by mail.
Watch a 1-minute video starring the Count, "Make Your Family Count."