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The New York Stock Exchange had another day of losses on Friday, finishing the worst week the market has seen in more than a decade.The Dow Jones Industrial Average closed on Friday losing nearly 900 points for the day. Friday marked the final day of in-person trading until further notice. The market will begin trading virtually on Monday in an effort to prevent the spread of coronavirus. The Dow lost more than 4,000 points for the week, largely due to a nearly 3,000-point drop on Monday, marking the second-worst day in the history of the index. 565

The International Air Transport Association says the virus outbreak that began in China could cost airlines as much as 3 billion in lost revenue due to the collapse of air travel. Representatives of the airline industry group said Thursday after a working meeting in Singapore that the industry urgently needs help from governments in waiving some requirements and fees to alleviate the burden on struggling carriers. An earlier estimate just two weeks ago put the potential cost of the downturn in travel at less than billion. The group’s estimate reflects a scenario involving a 19% loss in revenues with extensive spread of the virus in markets that now have 10 or more confirmed cases. That reflects countries accounting for 80% of airline revenues. The biggest losses would be in the Asia-Pacific region, including China, which has by far the most cases of the virus. “This is a very serious cash flow shock,” said Brian Pearce, the IATA’s chief economist. “We are seeing this serious decline in bookings and revenues outside the Asia-Pacific now that it (the virus) has spread more widely.”The IATA officials said the consensus of experts was that air travel remains relatively safe and that there are no known cases of passengers spreading the virus while on aircraft. 1294

The College Basketball invitational, one of several postseason college basketball tournaments held for teams that fail to make the NCAA Tournament, has been 169

The House of Representatives will vote Wednesday on significant gun control legislation for the first time in more than two decades, a move that Democrats hope will increase a pressure campaign for a vote in the Senate.The universal background check bill, H.R. 8, will come to the floor for a vote and is expected to pass with the Democratic majority. The legislation would require background checks on all firearm sales in the country. Currently, only licensed gun dealers have to perform background checks for anyone seeking to purchase a firearm. Most unlicensed sellers do not; H.R. 8 would make that illegal. There are exemptions to the law like "gifts to family members and transfers for hunting, target shooting, and self-defense," according to the House Judiciary Committee website.The bill, sponsored by a bipartisan duo of Reps. Mike Thompson, a California Democrat, and Peter King, a New York Republican, remains an outlier right now in the House since it has bipartisan support. Most of the legislation related to gun control has been sponsored by Democrats.Four other Republicans co-sponsored the bill: Brian Mast of Florida, Brian Fitzpatrick of Pennsylvania, Chris Smith of New Jersey and Fred Upton of Michigan. King told CNN on Tuesday that he may get a few more Republican colleagues to vote for the measure, but "no more than a handful."At a 25-year anniversary party for the gun control group the Brady Campaign on Tuesday evening, House Speaker Nancy Pelosi expressed confidence that the universal background checks bill would pass the House of Representatives. At the event, Pelosi also recalled her her efforts with Senate Minority Leader Chuck Schumer in the 1990s on gun control as "hard," but a "triumph that saved millions of lives.""Tomorrow we're going to send him the background check legislation," Pelosi said to her Senate colleague with a wide smile.Schumer predicted that the country is on the "precipice of great change" on the issue of gun safety."We have a Democratic House that will not flinch. We have a Senate Democratic minority that will not flinch. Most of all, we have a public who is aroused and strong."Democrats, including Pelosi, have made this a top policy priority in the new Congress, staging public hearings on the topic which had not been held for years in Congress. The legislation also has the backing of a multitude of outside groups, including the former congresswoman and gun control advocate Gabby Giffords, the Brady Campaign, Everytown for Gun Safety and Moms Demand Action.Once it passes the House, the bill will move to the Senate, where it is unlikely to pass in the Republican-majority chamber when legislation often needs 60 or more votes to advance.On Tuesday, King urged his Senate colleagues to consider the bill."I would think that they should let it come to a vote," he said, adding that the average American supports the universal background checks bill."This is not going to affect more than probably less than 1% of the American people and the ones it will affect either suffer from mental illness or are criminals. So to me, it's a phony issue being raised by some of the gun groups," he said.King understands that public opinion is on his side on this issue. 3247

The 116th class of Congress broke barriers before its members even set foot in Washington.One example: Rep.-elect Ilhan Omar, a Minnesota Democrat who will be the first Somali-American member of Congress, noted the history of her election on Twitter on Wednesday night."23 years ago, from a refugee camp in Kenya, my father and I arrived at an airport in Washington DC," 383