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The US stock market sank deeper into the red following sluggish economic reports on Monday and bad news from a couple of blue-chip giants.The Dow fell 600 points by late afternoon, or 2.6%. The S&P 500 lost 2.6% and retreated to its lowest level of the year. And the Nasdaq joined the Dow & S&P 500 in negative territory for 2018. All three indexes have plunged about 7% so far this December.The Dow closed down 507 points for the day.And the Russell 2000 index of small-cap stocks tumbled into a bear market, marking a 20% decline from the record highs notched in late August.A weaker reading from the New York Federal Reserve about manufacturing in the Empire State and a drop in confidence from the nation's homebuilders weighed on the markets."Investors are zeroing in on this idea of slower growth for 2019," said Michael Arone, chief investment strategist at State Street Global Advisors. "More people are worried about a recession in late 2019 or 2020."The political noise in Washington isn't helping either. President Trump, in a tweet Monday morning, repeated his criticism of the Federal Reserve for its recent rate hikes. The Fed meets Wednesday and is widely expected to raise rates again.But Trump tweeted that "it is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!"The Fed is supposed to be politically independent. Any evidence that it might be swayed by attacks from Trump could unnerve the markets."If the Fed doesn't raise rates it will look like it's succumbing to the bullying of Trump's tweets," Arone said.But Nancy Perez, managing director at Boston Private, said the Fed is likely to slow down its pace of rate hikes in 2019 simply because the economy is slowing, not because of pressure from Trump.Perez added that the recent market turmoil is justified because investors are readjusting to this fact."We have been getting a bump in profit margins due to lower taxes but the earnings growth itself is not sustainable," Perez said. "Projections will come down and volatility will continue." 2247
The Trump administration announced Thursday it is enacting new sanctions on Russia for its election meddling, a month-and-a-half after missing a congressionally mandated deadline.The Associated Press also reports that the administration has accused Russia of an ongoing, deliberate attempt to penetrate the US energy grid.The new punishments include sanctions on the Internet Research Agency, a Russian troll farm that produced divisive political posts on American social media platforms during the 2016 presidential election. Yevgeniy Viktorovich Prigozhin, a financial backer to the Internet Research Agency with deep ties to Russian President Vladimir Putin, is also included.Known as "Putin's chef," Prigozhin was indicted by special counsel Robert Mueller earlier this year for his involvement with the Russian troll farm.In total, the administration applied new sanctions on five entities and 19 individuals on Thursday, including Russians who posed as Americans and posted content online as part of the IRA's attempts to sow discord ahead of the presidential contest.The sanctions were applied through executive power as well as through the Countering America's Adversaries Through Sanctions Act, which Congress initially passed this summer hoping to pressure Trump into punishing Russia for its election interference.Trump signed the bill reluctantly in August, claiming it impinged upon his executive powers and could dampen his attempts to improve ties with Moscow.The measure imposed an October deadline on the administration to produce lists of individuals and entities that could be subject to potential sanctions, and a January deadline to impose them. The law required the administration to identify entities that conduct significant business with the Russian defense and intelligence sectors.The administration missed both by several weeks, claiming necessary work was underway at the State and Treasury Departments to complete the lists.The delay was seen as sign of Trump's unwillingness to punish Russia for its meddling, which he has downplayed in the past. Members of Congress expressed frustration that their law, which passed almost unanimously, wasn't being enacted.On Thursday, administration officials insisted the new measures weren't the end of their efforts to punish Russia."By no means will this constitute the end to our ongoing campaign to instruct Mr. Putin to change his behavior," a senior administration official told reporters.The-CNN-Wire 2485

The Sanderson Sisters from "Hocus Pocus" are back and ready to put a spell on you this Halloween.Bette Midler, Sarah Jessica Parker, and Kathy Najimy are reuniting as The Sanderson Sisters from the cult classic "Hocus Pocus." The sisters will be treating us to a virtual event on Oct. 30. And it's all for a good cause.According to the New York Restoration Project (NYRP) website, tickets for the "In Search of the Sanderson Sisters: A Hocus Pocus Hulaween Takeover" are .All the money raised will benefit the nonprofit NYRP, which Midler started in 1995. They restore parks and plant trees in New York City.Midler tweeted a picture of all three actresses together as Winifred, Mary, and Sarah Sanderson. 715
The White House defended President Donald Trump's Sunday tweet that included a video of his supporters yelling the phrase "white power" at protesters at a Florida retirement community.On Sunday morning, President Donald Trump retweeted a video that was reportedly taken at The Villages, a large retirement community in central Florida. At one point in the video, a man in a golf cart adorned with Trump flags yells "white power" at anti-Trump demonstrators.The protesters can also be heard in the video shouting profanities at Trump supporters and also calling Trump a "Nazi" and "racist."Trump included a message in his retweet of the video, writing, "Thank you to the great people of The Villages." The tweet was live for more than three hours before it was deleted from his feed.Though the tweet was deleted, it sparked condemnations from some members of his own party. Sen. Tim Scott, R-South Carolina, called Trump's endorsement of the video "indefensible."In a statement on Sunday evening, White House spokesperson, Judd Deere defended the president's actions, saying that he "didn't hear" the racist language used in the video."President Trump is a big fan of The Villages. He did not hear the one statement made on the video. What he did see was tremendous enthusiasm from his many supporters," Deere said, according to CNN and The Associated Press. 1365
The woman who became internet famous in October for flipping the bird at President Donald Trump's motorcade, and then said she was subsequently fired, is suing her former employer for unlawful termination.Juli Briskman was fired from the marketing team at Akima LLC in November shortly after she volunteered that she was the one who had made the gesture in a photo that went viral, she said at the time."I thought that it would probably get back to my company eventually," Briskman said in an interview with CNN's Jeanne Moos.She said she was told she had violated the company's social media policy, and said the company in turn fired her.Briskman tweeted Wednesday that "I was fired from my job for flipping off @realDonaldTrump. Today, I filed suit with @GellerLawyers & @protctdemocracy because what happened to me was unlawful and un-American."Her attorney, Maria Simon, reiterated this point in a statement through the nonprofit Protect Democracy,"Juli's expression of disapproval of the President is fundamental political speech protected by both the United States Constitution and Virginia state law," she said. "Akima's actions -- forcing Juli to resign out of fear of unlawful retaliation by the government -- violated the basic tenets of Virginia employment law. Ms. Briskman chose in her private time and in her capacity as a private citizen to express her disapproval of President Trump by extending her middle finger."CNN has reached out to Akima LLC seeking comment. 1512
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