STOCKS TANK: Here's What You Need To Know

And now the top stories:

• Core PCE inflation climbed 1.2%, in-line with expectations. BI's Matt Boesler explains why inflation reports are the hot new thing. "Given the increased significance inflation has taken on lately in the Fed's forward guidance on the likely future path of short-term interest rates, some on the Street - like Goldman Sachs chief economist Jan Hatzius and Credit Suisse chief economist Neal Soss - believe inflation reports are the new jobs reports."
• The BEA said personal income and personal spending gains were basically non-existent last month. "Weakness in hours and earnings in the employment report pointed to lower wage and salary income, and slowing farm income support payments are also likely to be a drag again, so overall personal income should be little changed," Morgan Stanley's Ted Wieseman wrote clients ahead of the report.
• The savings rate fell to 2008 levels, but the decline is unlikely to continue. "Even with better income - December was hit by the weather - we look for real spending to slow to 2-2.5% from 3.3%. The chart shows that the saving rate is now below the low seen in the 2002-04 period, before the housing boom allowed it to fall even further. With a repeat of the housing boom unlikely, the saving rate likely will struggle to stay at this low level," Pantheon's Ian Shepherdson said.
• Consumer confidence fell, but the drop was less than expected.
• Zynga, Chipotle, and Wynn shares all had monster days. Mattel and Amazon plunged.