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Trade war fears wiped more than 1,100 points off the Dow in just two days. It was Wall Street's worst week in more than two years.Investors are increasingly worried that President Trump's crackdown on China will trigger a fierce response that darkens the otherwise bright economic outlook.The Dow dropped 425 points, or 1.8%, on Friday, sinking back into a "correction" — a decline of 10% from the all-time high in January. The Dow finished at its lowest point since November.All three major indexes took their biggest weekly tumbles since January 2016.The market failed to stage a rebound from Thursday's plunge, which erased 734 points from the Dow.China vowed on Thursday that it would fight a potential trade war "until the end.""We have this general freak-out. We don't know the next shoe to drop on trade," said Michael Block, chief strategist at Rhino Trading Partners.Investors were further rattled when China's ambassador to the United States signaled that China could ease purchases of US bonds in response to Trump's tariffs. "We are looking at all options," Ambassador Cui Tiankai told Bloomberg News.China is America's biggest creditor, with more than trillion of Treasury bonds."We've been told for our entire careers that trade wars made the Great Depression worse. And we believe it," said Bruce McCain, chief investment strategist at Key Private Bank.Related: Trade fears add to concern of a downturnAsian markets were rocked overnight after China vowed not to back down in a potential trade war with the United States. Japan's Nikkei 225 plummeted 4.5%, and the Hang Seng in Hong Kong lost 2.5%.On Thursday, the market sold off after Trump announced plans to impose tariffs on about billion of Chinese imports to retaliate for theft of intellectual property.China said hours later that it "is not afraid of and will not recoil from a trade war." Officials in China detailed a plan to retaliate to Trump's aluminum and steel tariffs by imposing their own tariffs on about billion worth of imports of US goods.Trump, who often uses the stock market as a barometer for his success, shrugged off the market turmoil."I think the stock market is going to be great," he said Friday at the White House after a reporter asked about the sell-off. "The stock market is way up. When I came into office, the stock market was from a different planet."Despite the recent struggles, the Dow remains up about 30% since Trump's election.Related: China: We would fight a trade war 'to the end'The worry is that a tit-for-tat escalation between the two largest economies in the world will ruin the solid economic backdrop. Investors had been banking on strong growth this year, but a slowdown in trade and dented business and consumer confidence could change that outlook drastically.Barclays warned in a report that a trade war would drown out the benefits of Trump's tax cuts, which helped power Wall Street's euphoric rally."The administration is moving forcefully into the anti-trade portion of its policy agenda," Barclays economist Michael Gapen wrote in a report on Friday.But it's too early to assess the impact. Bullish investors hope that the administration will soften its tough stance with China, similar to how tariffs on steel and aluminum imports were later scaled back significantly."The threat of a misstep remains high," Raymond James Washington policy analyst Ed Mills wrote in a report, but there is an expectation that "these actions will be watered down or mitigated" in the coming weeks.Key Bank's McCain thinks it's more likely the market is going through a correction than entering a bear market. He pointed to robust corporate profits and the strong economy, which enjoyed robust job growth in February."If anything, a few weeks ago we worried about the economy overheating and inflation picking up," McCain said.The-CNN-Wire 3867

The year 2020 has proven it knows how to challenge people who live in places like the Gulf Coast.Multiple storms slammed the state of Louisiana and the city of Lake Charles.Dr. Tyson Green lost his home in Hurricane Laura in August. His family evacuated before the storm as he rode it out in a Lake Charles hospital so he could be close to his patients.His community now faces a recovery that is expected to take years.“I don't know how you begin to put it into words, to be honest with you. We’ve had a tough year, to say the least," Green said. "I think with the combination of the pandemic, the hurricanes, the resurgence of the pandemic that beat us while we were down, it’s been rough, but we are getting better we are coming together as a community."Since the storm, he's raised money for nurses and healthcare workers who were impacted by Mother Nature this year. His GoFundMe has raised more than ,000 dollars. The money raised is key, especially during the holiday season."It was such a blessing to be able to give them something through the GoFundMe efforts that we did. The ability to give them a better Christmas, people that lost everything, even the people who lost what they had and were reimbursed by whatever means insurance or FEMA, they still didn't have the means. They still didn’t have the extra money that we need around the holidays for their kids," Green said.2020's hurricane season broke several records. Thirteen of the 30 named storms became hurricanes during 2020's hurricane season. 1524

Three people trapped in an inactive West Virginia mine for several days were rescued on Wednesday, state officials said.The three West Virginia residents were brought to the surface and transported to a local hospital for medical treatment, Samantha Smith, a spokesperson with the West Virginia Department of Commerce, told CNN late Wednesday.Kayla Williams, 25 of Artie; Erica Treadway, 31, of Pax and Cody Beverly, 21 of Dorothy, were alert, talking and walking without assistance, Raleigh County Sheriff Scott Van Meter said in an interview. He said the three had snacks and water with them."It's a miracle they were found alive," the sheriff said.Williams, Treadway and Beverly were among a group of four people who were reported missing Saturday after an abandoned ATV they were believed to be riding was found near the entrance of the Rock House Powellton mine in Clear Creek, according to a statement from West Virginia Gov. Jim Justice.One person, Eddie Williams, 43 of Artie, emerged late Monday, according to the West Virginia Office of Miners' Health, Safety and Training.He said the three people left trapped were alive and gave authorities details of their location, according to Justice's office.Rescue teams failed to find them Monday and Tuesday. But had been removing standing water from the mine and pumping in fresh air, and by Wednesday, more access space had been cleared, allowing more rescuers to enter, Justice's office said.The underground mine is inactive and sealed, Contura Energy, whose affiliate Elk Run Coal owns the property, told CNN, adding that the person who made it out "was apprehended by law enforcement."This is the second trespassing incident at an abandoned mine reported in the last two weeks, Justice said in the statement.Van Meter said the three who were found alive on Wednesday could possibly be charged because they were not supposed to be in the mine.But first, the sheriff said, "they need to enjoy being rescued." 1973

Thousands are expected to honor Justice Ruth Bader Ginsburg at the Supreme Court building in Washington on Wednesday as her casket arrives for three days of public mourning in the nation's capital.Ginsburg's casket will arrive at the Supreme Court building at 9:30 a.m. ET on Wednesday morning. Ginsburg's family, close friends and colleagues will then attend a private ceremony in the Great Hall of the Supreme Court.Following the ceremony, Ginsburg will lie in repose at the top of the building's grand outdoor staircase and under its iconic portico. Thousands of mourners are expected to pay respects to Ginsburg Wednesday and Thursday.Ginsburg — the second woman ever appointed to the high court — will be the first female justice to lie in repose at the Supreme Court.After two days at the Supreme Court, Ginsburg's casket will be moved to the Capitol Building, where she will be the first woman to lie in state there.Ginsburg will be buried at Arlington National Ceremony in a private ceremony early next week.Throughout her distinguished legal career and nearly three decades on the court, Ginsburg was a tireless advocate for woman's rights and earned celebrity status as "The Notorious RBG" late in life.President Donald Trump has said he will nominate Ginsburg's replacement on Saturday. Senate Majority Leader Mitch McConnell has said the Senate would vote on the nominee ahead of election day on Nov. 3. 1423

Top Republicans in Congress were expecting to meet Monday with President Donald Trump on the next COVID-19 aid package as the administration panned more virus testing money and interjected other priorities that could complicate quick passage.Senate Majority Leader Mitch McConnell was prepared to roll out the trillion package in a matter of days. But divisions between the Senate GOP majority and the White House posed fresh challenges. Congress was returning to session this week as the coronavirus crisis many had hoped would have improved by now only worsened — and just as earlier federal emergency relief was expiring.Trump insisted again Sunday that the virus would “disappear,” but the president’s view did not at all match projections from the leading health professionals straining to halt the U.S.’s alarming caseloads and death toll.McConnell and House GOP leader Kevin McCarthy were set to meet with Trump and Treasury Secretary Steven Mnuchin “to fine-tune” the legislation, acting chief of staff Mark Meadows said on Fox News.The package from McConnell had been quietly crafted behind closed doors for weeks and was expected to include billion to help schools reopen, reduced unemployment benefits alongside a fresh round of direct ,200 cash payments to Americans, and a sweeping five-year liability shield against coronavirus lawsuits.But as the White House weighed in, the administration was panning some billion in proposed new funds for testing and tracing, said one Republican familiar with the discussions. The administration’s objections were first reported by The Washington Post.Trump was also reviving his push for a payroll tax break, which was being seriously considered, said another Republican. Both spoke on the condition of anonymity to discuss the private talks.The new push from the White House put the administration at odds with GOP allies in Congress, a disconnect that threatened to upend an already difficult legislative process. House Speaker Nancy Pelosi already passed Democrats’ vast trillion proposal and virus cases and deaths had only increased since.Trump raised alarms on Capitol Hill when he suggested last month at a rally in Oklahoma that he wanted to slow virus testing. Some of Trump’s GOP allies wanted new money to help test and track the virus to contain its spread. Senate Democrats were investigating why the Trump administration had not yet spent some of billion previously allocated for testing in an earlier aid bill.The payroll tax Trump wanted also divided his party. Senate Republicans in particular opposed the payroll tax break as an insufficient response to millions of out-of-work Americans, especially as they tried to keep the total price tag of the aid package at no more than trillion.Trump said Sunday in the Fox News interview that he would consider not signing any bill unless it included the payroll tax break, which many GOP senators opposed.“I want to see it,” he said.Lawmakers were returning to a partially closed Capitol still off-limits to tourists to consider what will be a fifth COVID-19 aid package. After passing the .2 trillion relief bill in March, Republicans hoped the virus would ease and economy rebound so more aid would not be needed.But with COVID-19 cases hitting alarming new highs and the death roll rising, the pandemic’s devastating cycle was happening all over again, leaving Congress little choice but to engineer another costly rescue. Businesses were shutting down again, schools could not fully reopen and jobs were disappearing, all while federal emergency aid expired.“It’s not going to magically disappear,” said a somber McConnell, R-Ky., last week during a visit to a hospital in his home state to thank front-line workers.As McConnell prepared to roll out his trillion-plus proposal, he acknowledged it would not have full support.The political stakes were high for all sides before the November election, but even more so for the nation, which now registered more coronavirus infections and a higher death count than any other country.Just as the pandemic’s ferocious cycle was starting again, the first round of aid was running out.A federal 0-a-week boost to regular unemployment benefits would expire at the end of the month. So, too, would the federal ban on evictions on millions of rental units.With 17 straight weeks of unemployment claims topping 1 million — usually about 200,000 — many households were facing a cash crunch and losing employer-backed health insurance coverage.Despite flickers of an economic upswing as states eased stay-at-home orders in May and June, the jobless rate remained at double digits, higher than it ever was in the last decade’s Great Recession.Pelosi’s bill, approved in May, included billion for testing and tracing to try to get a handle on the virus spread, funneled 0 billion to schools to safely reopen and called for trillion to be sent to cash-strapped states to pay essential workers and prevent layoffs. The measure would give cash stipends to Americans, and bolster rental and mortgage and other safety net protections.In the two months since Pelosi’s bill passed, the U.S. had 50,000 more deaths and 2 million more infections.“If we don’t invest the money now, it will be much worse,” Pelosi said. 5309

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