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Wall Street is worried about a trade war.The Dow dropped 420 points on Thursday after President Trump said his administration will impose tariffs on steel and aluminum imports. The Nasdaq and the S&P 500 declined 1.3% apiece.Trump's controversial tariff announcement caught investors off guard and immediately raised concerns about retaliation from China or other major U.S. trading partners."This is the first shot across the bow over a trade war," said Art Hogan, chief market strategist at B. Riley FBR. "And nobody wins a trade war."Trump said his administration would impose a 25% tariff on steel imports and a 10% tariff on aluminum. It was not immediately clear whether Trump would exempt some countries from the tariffs, as his national security advisers have urged him to do to avoid hurting U.S. allies.Corporate America has warned Trump that tariffs could backfire. Last month, the Business Roundtable warned of the risk of "foreign retaliation" that would "harm the U.S. economy."Investors will be looking to see how U.S. trading partners react to the tariffs.Beyond worries about retaliation, the tariff news drove concerns about rising costs for companies that rely heavily on aluminum and steel, like auto and plane makers. Imports make up about a third of the steel American businesses use every year, and more than 90% of aluminum used here. Shares of Boeing fell 3% General Motors dipped 4%, and Ford dropped 3%.Related: NY Fed chief: Tariffs risk 'trade war'If the tariffs result in higher prices on steel and aluminum, companies that rely on those products may pass on some of the costs to consumers. That raises the specter of creeping inflation."This clearly will [lead to] higher prices in the production chain, which is part of the inflation path," said Quincy Krosby, chief market strategist at Prudential Financial.The timing of the tariff news surprised Wall Street. A formal announcement was expected at some point Thursday, but then it was called off. Later, Trump mentioned his tariff plans in a hastily arranged listening session with steel and aluminum executives. And he didn't provide crucial details, such as whether certain countries will be exempted.Concerns about trade come at an already shaky time on Wall Street. The S&P 500 and Dow fell about 4% in February, their worst month in two years. Fears about inflation and soaring bond yields caused a surge in volatility, including two 1,000-point plunges for the Dow.The market had come back as investors focused on the strong economy and booming corporate profits. But stocks fell sharply again on Tuesday and Wednesday, putting the Dow is back in negative territory for the year.Turbulence has picked up as well. The VIX volatility index spiked 15% on Thursday. Selling pressure will climb as volatility increases, Krosby said.At least two corners of the stock market cheered Trump's tariff announcement. U.S. Steel and AK Steel soared 6% and 10%, respectively.Century Aluminum also spiked 7%. Another major aluminum maker, Alcoa, gained 1%.Trump's tariff moves could force investors to confront another trade issue: NAFTA. Trump has repeatedly threatened to tear up this major trade deal with Canada and Mexico. Talks to renegotiate NAFTA, a major piece of the U.S. economy, have so far failed to produce a solution."It sets off the protectionist fears that had been lying dormant," said Hogan.— CNN's Jeremy Diamond contributed to this report.The-CNN-Wire? & ? 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved. 3547

VISTA, Calif. (CNS) - A murder conviction was reversed Friday for a 73-year-old former Valley Center resident, who was convicted in 2001 of killing her husband and was serving a 25-years-to-life sentence, but may receive a new trial due to newly discovered DNA evidence.Jane Dorotik was found guilty of the murder of 55-year-old Robert Dorotik, whose body was found on Feb. 13, 2000, one day after his wife said he disappeared after going jogging, prompting her to report him missing.District Attorney's Office spokesman Steve Walker said "newly discovered DNA evidence developed from advanced technology unavailable at the time of the 2001 jury trial" led the D.A.'s office to concede a habeas corpus petition filed by Dorotik's attorneys, thus reversing the conviction.Dorotik was released from the California Institution for Women in Corona in April amid the COVID-19 pandemic and will remain out of custody on her own recognizance. Attorneys will reconvene Oct. 23 to discuss the possibility of a retrial."After fighting for nearly 20 years to overturn my conviction, I am so grateful to finally see this day," Dorotik said in a statement released by her attorneys."Frankly, I'm a little overwhelmed at the moment," she said. "I have maintained from day one that I had nothing to do with my husband's murder. Spending almost two decades in prison falsely convicted of killing the man I loved has been incredibly painful. I lost literally everything in my life that Bob and I had built together."Prosecutors alleged that Dorotik beat her husband to death in their bedroom in the Valley Center horse ranch they rented, then dumped his body on the side of a road a few miles away.Medical examiners concluded he died of blunt force trauma to the head and strangulation, which prosecutors alleged was committed with a hammer and rope.The prosecution theory was that Dorotik killed her husband because she would have to pay him 40% of her income in the event of a divorce.Attorneys from Loyola Law School's Project for the Innocent say Dorotik was wrongfully convicted and submitted the habeas corpus petition alleging issues with the DNA evidence and testimony used to convict her.Her attorneys say newly conducted DNA testing of the victim's clothing, fingernails and a rope alleged to be one of the murder weapons showed no evidence of Dorotik's DNA, excluding her presence from the crime scene.They also alleged a prosecution expert witness testified during Dorotik's trial that stains found in the bedroom were her husband's blood, even though most of the stains were not tested and never confirmed to be blood at all.During an afternoon hearing at the Vista courthouse, Deputy District Attorney Karl Husoe said some of the new evidence stems from "the results of the retesting of some physical items of evidence" and noted "the DNA evidence as it exists now in 2020 is much different in quality and quantity than presented at trial in 2001."The prosecutor said the new evidence "undermines the previous evidence presented at trial to the extent that a new trial would be granted by this court."Additionally, Husoe said the D.A.'s office received "new information regarding lab personnel which our office was previously unaware of, but (was) recently made known to us," but did not elaborate on the content of that information.Walker said, "Ultimately, this office intends to pursue DNA testing and retesting of the available evidence in this case using modern and advanced DNA technology available to us today. Whatever the outcome of this additional testing may be, this office will commit resources to this matter in an effort to do all we can to seek the truth and pursue justice." 3696

Walmart is getting a face-lift. On Wednesday, the retail giant unveiled a reimagined store design in 200 Supercenters by early 2021 and 1,000 by next fiscal year.Walmart said that the new design would create a "seamless" Omni-shopping experience with more self-checkout kiosks and contactless payment options."We’re always listening to our customers and innovating our in-store, online, and mobile experiences to meet and exceed their expectations," said Janey Whiteside, EVP, and Chief Customer Officer, Walmart, in a blog post. We want their time with us to be enjoyable, and we’re working hard to create ways for them easily toggle between shopping channels – or use them together."Whiteside said the new design was inspired by "airport wayfinding systems as best-in-class examples of how to navigate large groups of people." 836

WASHINGTON — The Supreme Court has upheld a provision of federal law that requires foreign affiliates of U.S.-based health organizations to denounce prostitution as a condition of receiving taxpayer money to fight AIDS around the world. The Supreme Court ruled 5-3 on Monday. Justice Brett Kavanaugh wrote for the court’s conservatives that “plaintiffs’ foreign affiliates are foreign organizations, and foreign organizations operating abroad possess no rights under the U. S. Constitution.” Justice Elena Kagan sat out the case, presumably because she worked on an earlier version of it when she served in the Justice Department before joining the court. 663

Virgin Galactic is preparing to land among the stars.On Wednesday, Virgin Galactic said they were working on its final preparations at its base in New Mexico as the VSS Unity is scheduled to launch into space from Spaceport America sometime in the fall.The company said the ship would be crewed by two pilots and several research payloads in the cabin.Virgin Galactic says its top priority is safety, so they want to make sure the pilots are prepared for the task at hand.To do just that, they will be using VMS Eve as an in-flight simulator. The pilots will use Eve to practice the identical approach and landing pattern since it's similar to Unity's, Chief Pilot Dave Mackay stated."The cockpit structure of Eve is almost identical to that of Unity: the same pilot seats and windows, as well as very similar flight controls and instruments," Mackay said in the press release.The company will go through a full, planned rehearsal before the VSS Unity takes flight. 973