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Photo: Spencer Platt/Getty Images

Stocks closed down more than 3% on Thursday, while yields on the benchmark government bond — considered a safe-haven asset — hit new lows.

Why it matters: Market volatility isn't letting up, and fears continue to mount about the coronavirus' impact on the economy and businesses. The S&P 500's biggest decliners Thursday were cruise-lines and airlines — including Royal Caribbean, Carnival and American Airlines.

By the numbers: Thursday's losses erased nearly all of Wednesday's 4% gains. The index is back in correction territory, or 10% below its record high.

  • The best-performing S&P 500 stock on Thursday was Kroger, which said it was benefiting as anxious consumers stockpiled pantry staples, per the Wall Street Journal. Shares rose more than 8%.

Of note: The yield on the U.S. 10-year treasury note hit a record low of 0.898% on Thursday, reflecting investors' fears about the global economy as the coronavirus outbreak spreads.

Go deeper

13 mins ago - World

U.S. strikes Iran-backed militia structures in Syria

President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

The United States on Thursday carried out an airstrike against facilities in Syria linked to an Iran-backed militia group, the Pentagon announced.

The state of play: The strike, approved by President Biden, comes "in response to recent attacks against American and Coalition personnel in Iraq, and to ongoing threats to those personnel," Pentagon press secretary John Kirby said in a statement.

Senate parliamentarian rules $15 minimum wage cannot be included in relief package

Photo: Al Drago/Getty Images

The Senate parliamentarian ruled Thursday that the provision to increase the minimum wage to $15/hour cannot be included in the broader $1.9 trillion COVID relief package.

Why it matters: It's now very likely that any increase in the minimum wage will need bipartisan support, as the provision cannot be passed with the simple Senate majority that Democrats are aiming to use for President Biden's rescue bill.

Dave Lawler, author of World
33 mins ago - World

Biden's big Saudi reset

Mohammed bin Salman. Photo: Ryad Kramdi/AFP via Getty

President Biden spoke with Saudi Arabia's King Salman this evening ahead of the release of a CIA report expected to implicate the king's son, and the kingdom's de facto ruler, in the murder of a U.S.-based journalist, Jamal Khashoggi.

Why it matters: In one month, Biden has ended support for the Saudi war effort in Yemen, frozen a large arms deal and snubbed Crown Prince Mohammed bin Salman (MBS) by declining to speak with him directly.

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