Updated Mar 5, 2020 - Economy & Business

Wall Street returns to sell-off mode as coronavirus fears mount

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.

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At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

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  5. Politics: Trump extends PPP application deadline — Kimberly Guilfoyle tests positive.
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In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

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The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.

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