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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 view from the airplane window just got a little bit weirder -- or at least it did over Ireland.Several airborne sightings of at least one "very bright" unidentified flying object were seen last Friday, according to air traffic control audio logs.Chatter between airline pilots and Irish air traffic control focused briefly on the sightings, with at least four aviators confirming that they'd seen the phenomenon.The exchange began when one pilot asked Shannon air traffic control if there was nearby military activity. When the air traffic controller replied in the negative, the pilot said that she had seen something moving "so fast.""It came up on our left hand side (rapidly veered) to the north, we saw a bright light and it just disappeared at a very high speed ... we were just wondering. We didn't think it was a likely collision course .. (just wondering) what it could be," she said.A pilot on Virgin Flight 76 added that his flight crew had seen "two bright lights at 11 o'clock (which) seemed to bank over to the right and then climb away at speed." 1073

The wild ride on Wall Street just got crazier.The Dow dropped about 345 points, or 1.4%, on Tuesday, completely reversing a 244-point gain from early in the day. The selloff followed Monday's 670-point spike.The Nasdaq plunged nearly 3% -- wiping out nearly all of Monday's huge gains for the tech sector. The Nasdaq is now up just 1.5% on the year.Facebook, Twitter, Tesla and Nvidia all fell sharply. Netflix tumbled 6%, its biggest decline in two years."We started bleeding when large tech got hit hard," said Art Hogan, chief market strategist at B. Riley B.Investors poured money into bonds Tuesday. The 10-year Treasury yield slipped to 2.77%, the lowest since early February.But the sinking yields also narrowed the closely-watched gap between short and long-term rates, known as the yield curve."That has persistently been a signal of an economic slowdown," said Hogan. "I don't think that's the case here."A "flattening" yield curve also makes it harder for banks to make money on the difference between what they lend out and pay interest on. Bank of America, Wells Fargo and PNC fell more than 2% apiece.The-CNN-Wire 1135
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 Sinaloa drug cartel, once run by one of the most wanted men in the world, El Chapo, has made its way to Northeast Ohio. It's a drug-trafficking ring moving large amounts of drugs from Mexico onto the streets."I don't think people understand how significant and embedded it is in Northeast Ohio," said Keith Martin, Assistant Special Agent in Charge of Cleveland's Drug Enforcement Administration. Authorities recently found a stash house in a Maple Heights neighborhood and another on Cleveland's west side. "The unfortunate fact is the drugs on our streets come from somewhere. Coco plants don't grow in Cleveland. Poppy plants don't grow in Parma, they come from somewhere else. They are, increasingly, in almost every case, the drugs are coming from Mexican cartels," said Justin Herdman, U.S. Attorney for the Northern District of Ohio. A three-year long DEA investigation, dubbed "Operation Loaded Deck," focused on taking down the local arm of the notorious Sinaloa cartel. During the investigation, authorities seized large quantities of heroin, cocaine and fentanyl, some of which were concealed in hidden compartments in cars. The drugs were moved across the U.S.-Mexican border and transported in these cars outfitted with secret traps. "Often times they'll go to great lengths, whether they've constructed a trap in a vehicle or a natural void in the vehicle," Major Gene Smith with the Ohio State Highway Patrol said.Just as astonishing, Cartel members were hiding in plain sight the whole time, even taking in a Cavaliers game — courtside."These aren't street-level dealers, they were dealing in massive quantities and, in return, huge amounts of cash," Herdman said. By the end of the investigation, 29 kilos of cocaine, eight kilos of heroin, a kilo of fentanyl and four pounds of marijuana were seized, along with nearly 0,000, guns, vehicles and dozens of cell phones. Operation Loaded Deck ended with 19 people sent to federal prison for their roles in the drug trafficking organization. 2115
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