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Stocks tumbled Friday as trade tensions between the United States and China heated up.The Dow closed down 572 points, a drop of 2.3%, after President Trump threatened to escalate a confrontation with China over trade. It fell as much as 767 points earlier in the day. The S&P 500 and the Nasdaq each declined more than 2%.Friday's losses wiped out gains for the week, and the Dow sank back into correction territory — 10% below its all-time closing high in January.Trump said late Thursday that he was considering tariffs on 0 billion more in Chinese exports, which would triple what the United States is already planning."The fear of a policy mistake on trade is increasing," said Art Hogan, chief market strategist at B. Riley FBR.All 30 companies on the Dow lost ground on Friday. Caterpillar, Boeing and Nike, giants with heavy exposure in China, were among the biggest losers in the index."The ratcheting up of trade tensions clearly carries risks. The tariff threats, even if only intended as bargaining tools, will be difficult to back down from if talks fail to deliver results," Capital Economics' Julian Evans-Pritchard wrote in a research note Friday.Anxiety returned to Wall Street after three days of gains. The VIX, a measure of market volatility, spiked 12%. CNNMoney's Fear and Greed index sank further into "extreme fear" territory.Wary investors had been holding out hope that the two sides will reach a deal before the proposed trade barriers go into effect.White House officials, including top economic adviser Larry Kudlow, have sought in recent days to soothe business leaders' fears of a trade war that would constrain economic growth.Earlier this week, the Trump administration announced plans for tariffs on billion worth of Chinese goods in retaliation for China's alleged theft of US intellectual property. Beijing fired back hours later by threatening tariffs on billion worth of US goods, including cars, planes and soybeans.The market had been interpreting Trump's proposed tariffs as negotiating tactics meant to extract concessions out of China rather than a rigid position. But Wall Street began to reassess that view as the administration sent conflicting signals throughout the day."We've gone from Larry Kudlow trying to calm the markets down to the administration saying, 'Hey, ignore the markets,'" Hogan said.In a radio interview Friday morning, Trump said, "I'm not saying there won't be a little pain, but the market has gone up 40%, 42%, so we might lose a little bit of it."Selling accelerated later in the day after Treasury Secretary Steve Mnuchin told CNBC, "There is the potential of a trade war."Investors had been operating under the assumption China and the United States were negotiating to avoid a trade conflict, but Mnuchin avoided questions about whether the two countries were actively talking."As no one came out to pull this back, there was a gradual realization that this was something that might be a little more serious," said Brad McMillan, chief investment officer for Commonwealth Financial Network.Analysts said the market also responded to comments from Federal Reserve Chair Jerome Powell.Powell said that the US economy was growing and a turbulent stock market would not change the Fed's course to gradually raise interest rates. The Fed is on track to raise rates three times this year, but it could speed up that process to cool down the economy."Markets are forced to confront the idea that rates are going up and the stock market is not going to derail that process," McMillan said.Stocks were mostly unaffected by the March jobs report, which showed that the US economy added 103,000 positions, down from a much bigger gain in February and well below what analysts were expecting.Wages grew 2.7% in March compared with a year earlier, in line with expectations. Investors were watching that number because it's a barometer of inflation. In February, an unexpected jump in wage growth set off inflation alarm bells and caused stocks to plunge.The combination of the hiring slowdowns and modest wage growth temporarily eased Wall Street's concerns that the economy was overheating.The yield on the 10-year US Treasury note, which has been steadily climbing as investors' inflation expectations rise, dipped to 2.78% after the jobs report."Investors breathed a sigh of relief," said Sam Stovall, chief investment strategist at CFRA Research. "Now we only have one issue to deal with, and that's trade."—CNNMoney's Paul R. La Monica contributed to this report.The-CNN-Wire 4564
The average Thanksgiving feast for a family of 10 is expected to cost less in 2020 despite a surge in meat prices. The America Farm Bureau Foundation says that the average feast for 10 will cost .90, which is .01 less than in 2019.While other types of meat are more expensive this year, according to USDA data, turkey prices have dropped. A 16-pound turkey is expected to cost .39, which is down 7% from a year ago. Conversely, meat prices in general have jumped more than 6% from October 2019 through October 2020.“The average cost of this year’s Thanksgiving dinner is the lowest since 2010,” said AFBF Chief Economist Dr. John Newton. “Pricing whole turkeys as ‘loss leaders’ to entice shoppers and move product is a strategy we’re seeing retailers use that’s increasingly common the closer we get to the holiday.”Whipped cream and sweet potatoes have also seen a modest decrease in cost over the last year.The data was compiled from 230 pricing surveys spread across all 50 states. 1001

Target announced Tuesday that it is raising its starting pay to an hour beginning July 5, fulfilling a promise it made three years ago to pay all employees at least an hour.In 2017, Target announced it planned to increase starting pay for employees from to an hour by 2020. Since then, the store has gradually increased its starting pay each year. In 2019, Target increased starting pay from an hour to an hour.“Everything we aspire to do and be as a company builds on the central role our team members play in our strategy, their dedication to our purpose and the connection they create with our guests and communities,” Brian Cornell, Target's Chairman and CEO, said in a statement.Target also announced that it would be giving a 0 bonus to all essential workers "for their efforts throughout the coronavirus pandemic."In addition, Target said that it was offering employees free access to telehealth services through the end of the year, even for employees who don't get insurance through the company. 1039
Taco Bell said on Thursday that it is eliminating one of its most iconic and long-time menu items from its list of options.The Mexican Pizza will be removed from the Taco Bell menu starting November 5. Other items leaving the menu are the pico de gallo and shredded chicken. The shredded chicken is used in a number of items, including quesadillas, tacos and burritos.Taco Bell is adding a chicken chipotle melt, which is grilled chicken, creamy chipotle sauce and cheddar cheese; and the Dragonfruit Freeze, which is a tropical frozen beverage. The chicken chipotle melt joins the menu Nov. 5, while the Dragonfruit Freeze arrives on September 24.In July, Taco Bell announced several other menu items were leaving the menu, including the Nachos Supreme, Beefy Fritos Burrito, Grilled Steak Soft Taco, 7-Layer Burrito, Spicy Tostada, Triple Layer Nachos, Spicy Potato Soft Taco, Cheesy Fiesta Potatoes and Loaded Grillers.Taco Bell said the changes to the menu is helping it in “creating a faster and more seamless restaurant experience.”“We’re constantly evaluating ways to provide a more efficient restaurant experience, and have already begun to see progress from streamlining our menu,” said Mike Grams, Taco Bell President, Global COO. “While we know fans may be understandably sad to see some of their favorites go, this evolution of our menu truly paves the way for fresh new ideas. The creativity and innovation in our kitchen hasn’t slowed down at all, and we look forward to rolling out new fan favorites.” 1524
Students ordering books online have the chance to get a high percentage off textbook rentals and to sign up for free trials.Offers.com says opting for digital purchases or rentals can reduce costs. It suggests trying Textbooks.com for up to 90 percent off textbook rentals, or signing up for a free trial at Chegg for purchasing books online.Other college saving tips from Offers.com: 412
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