The yield on the benchmark 10-year U.S. Treasury note fell to an all-time low Tuesday as stocks swooned for a second straight day, driven by worries the coronavirus could seriously disrupt an already sluggish global economy.

The fall in yields marked the latest milestone in a decadeslong bond rally driven by persistently low inflation. After hovering between 1.5% and 2% for months, the 10-year yield was pushed sharply lower by reports the coronavirus was spreading outside China. The Centers for Disease Control and Prevention warned Tuesday of an increased threat to U.S. residents.

As investors fled riskier assets for bonds, the Dow Jones Industrial Average lost more than 3% Tuesday, and has notched a two-day decline of more than 1,900 points, or 6.6%, to close at its lowest level since October. The two-session rout has cut an estimated $1.7 trillion from the S&P 500, according to S&P Dow Jones Indices.

Shares of companies as varied as banks, consumer-goods companies and restaurants retreated, underscoring investors’ broad fear of a pullback in consumer spending hurting profits. Stocks briefly opened higher in U.S. trading but quickly gave up those gains, and declines accelerated after the CDC warning.

The yield on the 10-year note fell as low as 1.310% on an intraday basis and settled at 1.328%, according to Tradeweb, compared with 1.377% Monday. Both of those marks beat record lows set in July 2016 after the U.K.’s vote to leave the European Union. Yields fall when bond prices rise.