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The stock market had its worst day in a month as virus cases surge and help for the economy from Washington remains nowhere in sight. The S&P 500 fell 1.9% Monday, deepening its losses from last week. Stocks of companies that need the virus to abate and the economy to return to normal had some of the biggest losses. Cruise lines and airlines fell sharply. Energy stocks also dropped in tandem with crude oil prices. In another sign of caution, Treasury yields pulled back after touching their highest level since June last week. Overseas markets also fell.The drop in stock value came as coronavirus cases reached peak levels in the US over the weekend, while White House chief of staff Mark Meadows proclaimed that the US would be unable to contain the spread of the virus. 788
The travel industry has taken a major hit during the COVID-19 pandemic. From hotels to airlines, the industry saw a massive dip in business as people started canceling their upcoming trips. Instead, it appears people are taking their summer vacations outdoors."We had a lot of cancelations early on so starting in March, April and May we're heavily affected by cancelations but now that states are opening back up and travel’s resuming, our bookings are outpacing our cancelation seven fold," says Toby O'Rourke, the CEO of Kampgrounds of America. O'Rourke says campsite bookings and RV rentals are soaring.KOA conducted their own research and found that one-third of non-campers are considering camping as their summer travel activity. With contact-less bookings and a taste of the outdoors, she says many are finding camping a safer vacation option."We've been having a lot of activity on our campgrounds. There’s a lot of pent-up demand. We’re seeing June really take off which we’re excited to see heading into the summer months," says O'Rourke.O'Rourke adds that a majority of states have opened up their parks and campgrounds. In April, she says there was a magic date when people started booking campgrounds like crazy. Outdoorsy.com, a site that connects RV owners with people who want to rent them, says they've seen a 2,600% growth in their business since the COVID-19 pandemic began."Just last month alone, we saw over 2.5 million new visits or new users to the site Outdoorsy.com which is pretty significant. We’re breaking records all over the place in terms of bookings, growth. We had our best booking day on record last week that was up 300% year over year for just that day," says Jennifer Young, co-founder of Outdoorsy.com.Outdoorsy says recreational vehicles allow people to control their own environments."It's a standalone vehicle that you control where you buy your food, where it goes, how it stays in your refrigerator. Same with your bathrooms. So you’re cleaning and washing and showering - it's all self-contained in where you want to stay. You pick your location and destination," says Young.Plus both Outdoorsy and KOA have developed new safety guidance for campgrounds and RV renters amid COVID-19 which include proper sanitation, personal protective equipment and more."I definitely think once somebody rents an outdoorsy vehicle or camper van I’m pretty sure they’ll be hooked," says Young.KOA's O'Rourke advises people to first check camping websites and book ahead whenever possible. Helping people social distance while still leaving their house for a vacation. 2605
The U.S. Geological Survey is monitoring the recent eruption of the Kilauea Volcano in Hawaii and has made photos and videos of it available to the public.Small cracks began appearing on May 1 following a powerful earthquake, and Kilauea erupted May 4, sending lava onto surrounding roadways. The USGC said on Sunday night, May 6, the volcano's summit lava lake had dropped significantly, and was roughly 220 meters below the crater rim.An overnight video from the main affected neighborhood, Leilani Estates, shows lava erupting from a fissure and advancing north. The lava flow continued to advance several hours after the fissure eruption diminished, the USGS said.In another video (attached to this article), a lava flow can be seen moving on Makamae Street in the Leilani Estates around 9:30 a.m. local time on Sunday, May 6.By Sunday night, at least 10 fissures had opened, and 26 homes had been destroyed, CNN reports. The active venting of lava and hazardous fumes was ongoing.As of Monday morning, the USGS still had a current volcano alert level of "warning" in effect, and the code color is orange."Residents should remain informed and heed Hawaii County Civil Defense closures, warnings, and messages," the USGS website states. Alerts may be found here.Kilauea last erupted in 1983. 1327
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 success of a pilot test in a Nebraska county in which all people have the option to vote by mail has spurred the initiative in three more counties there.Turnout in Garden County for the May 15, 2018 primary, with an all-mail vote option, was more than 58 percent.Now, Dawes, Merrick and Morrill counties in Nebraska have been approved for all-mail voting for the election slated for next month, according to the Lincoln Journal Star.Factors that may keep people from going to physical polls include site accessibility, amount of poll workers available from three political parties and community feedback, the Associated Press reports.According to the National Conference of State Legislatures, at least 22 states have provisions allowing some elections to be done by all-mail voting. Three entire states — Colorado, Washington and Oregon — provide all-mail voting.In the 2014 election in Colorado, the vote-at-home option increased turnout by 3.3 percent, research shows. It was up among people with a history of low turnout.Vote-by-mail 1059