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The stomach-churning market scare continues.The Dow tumbled 546 points, or 2.1%, on Thursday following another rollercoaster session. The index briefly turned positive during morning trading before succumbing to heavy selling pressure. At one point the Dow was down 699 points. The Dow has shed 1,378 points over the past two days.The mood on Wall Street was only slightly calmer than Wednesday's 832-point nosedive.The S&P 500 closed down 2.1%, notching its sixth-straight losing session. It's the longest slump for the broad index since just prior to President Donald Trump's election more than two years ago.The Nasdaq briefly tumbled into a correction, signaling a 10% decline from previous highs. But the index climbed out of correction territory and closed down 1.3%.All three major indexes have lost more than 5% this week. That hasn't happened since March."This kind of washout doesn't get accomplished in a day. Even though yesterday felt traumatic, it tends to be a three-day process," said Art Hogan, chief market strategist at B. Riley FBR.The VIX volatility index touched its highest level since February.One positive is that unlike on Wednesday, the market did not close on the lows of the day. The rebound was helped by fresh?reports that President Donald Trump and Chinese leader Xi Jinping have agreed to meet next month at the G-20 summit. Such a meeting could ease fears that the US-China trade war will hurt corporate profits and slow the US economy.Tech stocks have come under fire because they are some of the riskiest and most expensive parts of the market. Investors fear how these momentum names will hold up in a downturn, particularly as interest rates spike. A proxy for the tech sector had its sharpest plunge in seven years on Wednesday."Halloween started early this month for investors," Ed Yardeni, president of investment advisory firm Yardeni Research, wrote to clients.The afternoon sell-off comes even though a new report showed that consumer prices rose less than expected in September.Stocks have turned sharply south in large part because investors are concerned about rising interest rates. As the Federal Reserve raises rates to prevent runaway inflation, investors have been getting out of bonds, driving down their price and driving up their yields. Suddenly, the return on bonds has become competitive with some stocks — particularly risky tech stocks.Rising interest rates also increase borrowing costs for households and businesses, eating into corporate profits. 2551
The terror attack on New York City's West-Side bike path has President Trump calling for congress to eliminate the "Diversity Visa" program.Congress created it in 1990. It was signed into law by President George W. Bush.Among the San Diegans who are here because of the visa program is Anna Riazanova.In 1993, Riazanova, a native of Russia, entered the U.S. on a student visa and began studying to become a paralegal."I fell in love with the country, the people," said Riazanova.A year later, she applied for the Diversity Visa Lottery program, aimed at diversifying immigration by randomly selecting 50,000 green card applicants every year from countries with historically low U.S. immigration rates. 709
The Supreme Court Monday rebuffed efforts by states to block funding to Planned Parenthood.It left in place two lower court opinions that said that states violate federal law when they terminate Medicaid contracts with Planned Parenthood affiliates who offer preventive care for low income women.It would have taken four justices to agree to hear the issue, and only three conservative justices -- Clarence Thomas, Samuel Alito and Neil Gorsuch -- voted to hear the case.Chief Justice John Roberts and Justice Brett Kavanaugh appeared to side with the court's liberals in not taking up the case -- showing an effort to avoid high-profile abortion-related issues for now.Roberts and Kavanaugh "likely have serious objections," said Steve Vladeck, CNN Supreme Court analyst and professor at the University of Texas School of Law. "But such votes seem to be a signal that they would rather avoid contentious, high-profile disputes for now, at least where possible."The case concerned whether states can block Medicaid funds from Planned Parenthood affiliates that provide such women with annual health screens, contraceptive coverage and cancer screening.Thomas wrote a dissent for the three conservatives, saying the court isn't doing its job."What explains the Court's refusal to do its job here?" Thomas wrote."I suspect it has something to do with the fact that some respondents in these cases are named Planned Parenthood," he wrote."But these cases are not about abortion rights," he said. "They are about private rights of action under the Medicaid Act. Resolving the question presented here would not even affect Planned Parenthood's ability to challenge the states' decisions; it concerns only the rights of individual Medicaid patients to bring their own suits."The-CNN-Wire? & ? 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved. 1873
The search for missing actress Naya Rivera at a California lake has moved from a rescue effort to a recovery effort, the Ventura County Sheriff's Office said Thursday.In a press release, the VCSO said that investigators believe that Rivera "drowned in what appears to be a tragic accident."The VCSO added that recovery efforts had been hampered because divers are experiencing low visibility in waters.Rivera was last seen on Wednesday at Lake Piru, which is located about 60 miles northwest of Los Angeles. According to Cpt. Eric Buschow of the VCSO, deputies were called to the lake when Rivera's 4-year-old son was found floating adrift in the boat.The child reportedly told deputies that he had been swimming with his mother, but she never returned to the boat.Rivera is best known for portraying Santana on Glee, which ran on Fox between 2009 and 2015. 865
The University of Texas Athlete Alumni are in absolute opposition of racism in any form and are engaged in meaningful collaboration to enact change. We are united in our support for current student athletes.#UTXAA#ITooAmTexas#BurntOut#WeAreOne pic.twitter.com/B9HTMJ0hde— Fozzy Whittaker (@FozzyWhitt) June 16, 2020 324