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The Dow Jones Industrial Average dropped as many as 900 points in early trading Monday morning as fears the spread of COVID-19, better known as coronavirus, paralyzed the market.As of 2:30 ET Monday, the Dow was still down about 900 points.Gold prices also surged following reports of increases in COVID-19 in China and around the world.Markets in South Korea and Italy led the decline on Monday, falling nearly as much as 4.6%. Markets are down across Europe and Asia, while futures for U.S. benchmarks have also dropped sharply. Tokyo's markets are closed for a public holiday. South Korea, Iran, and Italy reported a large jump in new cases, potentially disrupting the world economy more deeply than expected. China's leaders promised more help for companies and the economy. Economists note it will be hard to avoid a big hit to the global economy at least in the current quarter. 896
The Federal Reserve on Wednesday voted to raise interest rates despite new signs of economic softening and weeks of market volatility.Central bankers unanimously agreed under Chairman Jerome Powell to lift the federal funds rate, which controls the cost of mortgages, credit cards and other borrowing, to a range of 2.25% and 2.5%.Interest rates have increased seven times since President Donald Trump took office. Four of those increases have been under Powell.The policy decision comes even as Trump called on the Fed to move cautiously "before they make yet another mistake," shortly before policy makers began their two-day policy-setting meeting in Washington on Tuesday. 688

The man suspected of killing 20 people and injuring 26 others in El Paso on Saturday may face hate crime and capital murder charges, officials said.Police say a document they believe was written by the 21-year-old white male suspect has a "nexus to a potential hate crime."The four-page document posted online espouses white nationalist and racist views. It rails against immigrants and Hispanics, blaming immigrants and first-generation Americans for taking away jobs and for the blending of cultures in the US."Right now, we have a manifesto from this individual that indicates to some degree he has a nexus to a potential hate crime," El Paso Police Chief Greg Allen said at a press conference.FBI El Paso Special Agent in Charge Emmerson Buie said more investigation is needed before determining that the mass shooting was a hate crime."Right now, it is a murder investigation," Buie said. "There is potential for a number of different other violations, and we're reviewing all the evidence to make a determination as to what potentially else is out there, in addition to the violations that have been stated that the local authorities are pursuing."The suspect has been identified as Patrick Crusius of Allen, just outside Dallas, three sources told CNN. Two federal law enforcement sources and one state government source confirmed the suspect's identity.The suspect surrendered to police "without incident," police spokesman Sgt. Robert Gomez told reporters.The document police believe the suspect wrote was posted on 8chan, an online messaging board full of racist, bigoted and anti-Semitic content. A CNN analysis of the document reveals it was posted less than 20 minutes before police received the first calls about the shootings."This is disgusting, intolerable. It's not Texan," Abbott told reporters who asked about the document. "We are going to aggressively prosecute it both as capital murder, but also as a hate crime, which is what it appears to be, without having seen all the evidence yet."The FBI has opened a domestic terrorism investigation, to be worked concurrently to the state investigation into the shooting, with Texas authorities taking the lead, a source familiar with the investigative process told CNN.The FBI, the source indicated, is bringing resources from neighboring satellite offices and assets are on standby to assist should the state request.President Donald Trump called the mass shooting an "act of cowardice," and said there "are no reasons or excuses that will ever justify killing people."In his messages on Twitter, Trump said he and the first lady sent "heartfelt thoughts and prayers to the great people of Texas." 2677
The college admissions scheme revealed Tuesday is the largest of its kind ever prosecuted, federal prosecutors said, and features 50 defendants across six states, millions of dollars in illegally funneled funds and a handful of the country's most selective universities.But at its core, the alleged scheme is remarkably simple -- and brazen.Cheat on standardized tests. Bribe the people who decide which students get admitted. All the while pretending that money was for charity."I'll speak more broadly, there were essentially two kinds of fraud that Singer was selling," US Attorney Andrew Lelling said, referring to William Rick Singer, the figure at the center of the scheme."One was to cheat on the SAT or ACT, and the other was to use his connections with Division I coaches and use bribes to get these parents' kids into school with fake athletic credentials," Lelling said at a press conference in Boston.A total of 50 people were charged in the case. Those arrested include two SAT/ACT administrators, one exam proctor, nine coaches at elite schools, one college administrator and 33 parents, according to Lelling.Here's how the plan worked, according to prosecutors.Cheating on the ACTs and SATsOf course, students who score higher on standardized tests such as the ACT and SAT are more likely to get into selective colleges.Given that, Singer facilitated cheating on those exams for students whose wealthy parents paid for his services.Singer pleaded guilty in court on Tuesday to four federal charges and admitted that the case against him was accurate.According to the indictment, he arranged for a third-party -- generally Mark Riddell, who is 1670
The Chicago Cubs have banned a fan indefinitely from Wrigley Field after he was seen on camera making an offensive hand gesture at a game this week.On Tuesday night's Cubs broadcast on NBC Sports Chicago, a fan was seen behind analyst Doug Glanville, a former MLB player who is black, giving a hand gesture that has been known as a white power sign.Crane Kenney, the Cubs' president of business operations, said in a statement after the game that the organization would investigate "because no one should be subjected to this type of offensive behavior.""An individual seated behind Mr. Glanville used what appears to be an offensive hand gesture that is associated with racism," the statement said. "Such ignorant and repulsive behavior is not tolerated at Wrigley Field."On Wednesday, Kenney said the fan violated the organization's guest code of conduct."As a result, after repeated attempts to reach this individual by phone, we sent a letter to the individual notifying him of our findings and our decision that, effectively immediately, he will not be permitted on the grounds of Wrigley Field or other ticketed areas indefinitely," Kenney said in a statement."We further communicated if he attempts to enter Wrigley Field or other ticketed areas he may be subject to prosecution for criminal trespass to property."The Cubs are not disclosing the name of the individual to the general public.The-CNN-Wire? & ? 2019 Cable News Network, Inc., a Time Warner Company. All rights reserved. 1506
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