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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 Trump administration's executive order threatening to withhold funding from sanctuary cities is unconstitutional, a US appeals court said Wednesday.This story is developing. 190
The weekend didn't make things any easier for students of Marjory Stoneman Douglas High School: Parents had to lay teen children to rest; the family who had taken in shooter Nikolas Cruz said they didn't know they were living with a "monster;" and a tweet from President Donald Trump seemed to infuriate an already-angry student body.The students promised action in the wake of the massacre that left 17 of their classmates and teachers dead. They're headed to Tallahassee, Florida, to speak to legislators about school safety and gun control this week, and they have school walkouts and a march scheduled in the coming months.Meanwhile, Anthony Borges, 15, continued his recovery. He's one of four patients who remain hospitalized after Wednesday's massacre in Parkland, Florida. He was shot five times, according to the Broward County Sheriff's Office. 868
The Supreme Court ruled in favor of Booking.com Tuesday in a landmark trademark case.In an 8-1 decision, the Supreme Court upheld a lower court ruling that determined that Booking.com is not a generic trademark because the term held meaning with consumers.Justice Stephen Breyer, a liberal judge, was the lone dissenting opinion.Other businesses including Cars.com, Dictionary.com, Newspapers.com and Wine.com said the outcome in the case would affect their ability to trademark their names too. 503
The UK will expel 23 Russian diplomats from the country after concluding that the Russian state is responsible for the attempted murder of former Russian spy Sergei Skripal and his daughter Yulia in the English city of Salisbury.This will be the single biggest expulsion of Russian diplomats in over 30 years, Prime Minister Theresa May said Wednesday. The 23 concerned, who May said had been identified as undeclared intelligence agents, will have only one week to leave."For those who seek to do us harm, my message is simple. You are not welcome here," she said in a statement to the House of Commons following a meeting of Britain's National Security Council.The expulsion of diplomats will "fundamentally degrade" Russian intelligence capabilities in Britain for years, May said.The Skripals are critically ill in hospital after being exposed to the nerve agent, known as Novichok and developed in Russia, on March 4. Thirty-eight other people in Salisbury were seen by medics after the exposure. One, a police officer, remains hospitalized.May said Monday it was highly likely that Moscow was behind the poisoning. The Russian ambassador to the UK was summoned to the UK Foreign Office to explain whether the attack was directed by Russian authorities, or whether Moscow had lost control of the nerve agent.She demanded that Moscow respond by midnight Tuesday, London time, to the UK government's conclusion that Russia was linked to the poisoning of Sergei Skripal and his daughter Yulia on a park bench in Salisbury in southern England.But Moscow -- which has repeatedly dismissed any accusations of involvement in the attack -- ignored the deadline. 1672