Bond yields sink, stocks fall as investors demand safety
New York – Bond yields fell to more record lows as investors continue to demand safety and unload stocks.
The yield on the 10-year Treasury note sank as low as 0.66% as investors worried that economic damage from the spreading virus outbreak will be worse than previously thought. Major indexes ended down 1% or more after clawing back much larger losses earlier in the day.
The topsy-turvey trading came in the third week of market convulsions as traders try to assess the how bad and how long the economic fallout will last. The price of oil plunged 10%, its worst drop in more than five years.