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The Dow fell 460 points Friday as a leading indicator of a US recession and concern about a global slowdown spooked investors.The index shed 1.8%, while the S&P 500 closed down 1.9%. The Nasdaq plunged 2.5%. It was the worst performance for all three major indexes since January 3.The yield on 3-month Treasuries rose above the rate on 10-year Treasuries for the first time since 2007 — a shift that scared Wall Street. Investors have piled back into stocks after a sell-off in late 2018.The flattening yield curve, or the difference between short- and long-term rates, has worried investors for months. A narrowing spread is typically seen as sign that long-term confidence in the economy is waning, which could signal an eventual economic contraction.Friday's flip added to pressure on the Dow that was building before US markets opened.The index stumbled at the bell on poor manufacturing data from Germany, which also spelled trouble for the country's bond market. The yield on Germany's benchmark 10-year government bond fell below zero for the first time since October 2016.All of that news is fueling Wall Street's ongoing concerns about slowing global growth.White House economic adviser Larry Kudlow told CNBC last year that the spread between 3-month and 10-year Treasury yields was important to watch."It's actually not 10s to 2s; it's 10s to 3-month Treasury bills," Kudlow 1402
The National Rifle Association is suing after the San Francisco Board of Supervisors labeled it a "domestic terrorist organization," according to the complaint.Last week, the board 193
The fiancé of missing Colorado mother Kelsey Berreth was arrested Friday morning, a law enforcement source involved in the investigation said. Authorities arrested Patrick Frazee nearly one month after Berreth, the mother of his 1-year-old daughter, 262
The oldest barber in the world, Anthony Mancinelli of New York, died on September 19 at 108 years old, after 96 years of cutting hair. The upstate resident never retired, and found passion in his work, his son, Robert, told CNN. Mancinelli died from jaw cancer complications.Mancinelli, who 303
The Ark may have been constructed to withstand 40 days and 40 nights of flooding, but Northern Kentucky’s Ark Encounter property did not fare as well as Noah’s original construction when rains hit the area.Court documents filed in District Court show that the owners of the Ark Encounter in Northern Kentucky have filed a suit against their insurance company after flood and storm damage.Crosswater Canyon Inc. alongside the Ark Encounter, have filed suit against multiple defendants who comprise the business’ insurance underwriters after their property was damaged by heavy rains.According to the suit, heavy rains caused a landslide and some structural support damage near the Ark exhibit.“Subsequent to heavy rains, a significant landslide occurred along portions of the slope, which eliminated the structural support for the roadway, caused significant damage to the road surface itself and the incorporated improvements, and rendered portions of the road unsafe and unfit for use,” reads the suit.Engineers fixed the roadway at a cost of about million. But when the Ark Encounter asked for their insurance to cover the repairs, they were disappointed.Initially, the suit alleges, the defendants cited faulty craftsmanship as the reason for the property damage and stated they were not liable. After an appeal, they conceded that only a small amount was covered by the policy.“By refusing to pay all but a very small proportion of Plaintiffs’ covered claim, the Defendants have failed to meet their Policy obligations and failed to handle Plaintiffs’ claim properly and in good faith, causing Plaintiffs to incur significant additional loss and expense,” reads the suit.The Ark Encounter is seeking damages. The vessel itself appears not to have been damaged. 1779