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The term "money laundering" was never more appropriate than this week, when Dutch police found around 0,000 stuffed inside the drum of a washing machine.A man present in the house during Monday's raid was arrested on suspicion of -- yes, you've guessed it -- money laundering.Authorities were checking for unregistered residents in western Amsterdam when they found the load."The municipal administration revealed that no one lived at the address," the police told CNN in a statement. "When the police did a search through the house they found �350,000 hidden in the washing machine."The police also confiscated several mobile phones, a firearm and a money-counting machine during the raid. The suspect, who is 24 years old, has not been named.The police news release included a picture of bundles of �20 and �50 bills crammed into the washing machine.They said in a statement that the raid was part of an investigation into "housing fraud, money laundering and other [signs] of crime." 997
The stock market is on the comeback trail.After another wobbly session, the Dow soared 287 points, or 1.2%, on Friday. It was the index's best day since August.The Dow had soared 400 points at the open before giving up most of those gains and then resuming its rally. The Dow lost 1,378 points over Wednesday and Thursday.The broader S&P 500 jumped 1.4% on Friday. The Nasdaq, which has taken the brunt of the recent stock market turbulence, spiked 2.3%.Despite Friday's rebound, all three major indexes suffered their worst weeks since March. And the S&P 500 is down three straight weeks. That hasn't happened since the Brexit referendum of June 2016.Investing experts weren't exactly sure what turned stocks negative by midday. The driving forces behind this week's downturn -- trade war and interest rate fears -- were around before this week, and yet market volatility is spiking."The sellers have control right now," said Justin Walters, co-founder of Bespoke Investment Group. "The scariest sell-offs are the ones you can't tie to a specific reason."Stocks had turned sharply south over the past week because investors are concerned about rising interest rates. As the Federal Reserve raises rates to keep the economy from overheating, 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."What we are seeing now is changing sands. The ground isn't stable and people are figuring out where to go next," said JJ Kinahan, chief market strategist with TD Ameritrade.Tech stocks have come under fire because they are some of the riskiest and most expensive parts of the market. Investors fear that tech companies may not hold up well in a downturn, particularly as interest rates spike. A proxy for the tech sector had its sharpest plunge in seven years on Wednesday.But Big Tech on Friday regained some of its losses. Facebook (FB), Apple (AAPL), Amazon (AMZN), Netflix (NFLX) and Google (GOOGL) were all up.Asian and European markets also came back Friday. The Hang Seng soared 2.2%. Stocks in Shanghai rose 0.9% and the Nikkei rose 0.5%. Stocks in London, Germany and France all rose about a half percentage point.Markets had bounced back Friday morning following news that President Donald Trump plans to meet next month with Chinese leader Xi Jinping at the G-20 summit. That eased some of the investors' fears about another trade war escalation. China also reported its exports rose nearly 15% in September, stronger than expected. That suggests China is weathering the first waves of new tariffs that the Trump administration imposed on billion of Chinese exports this summer.But Kinahan is still worried about US-China trade talks. He thinks that a deal is key in order for the markets to get back on track, adding that a full-blown trade war could undo much of the positives from the Trump administration's pro-business policies."The concern is that if nobody blinks, it could negate all the tax cuts we had," he said.Earnings season also kicked off Friday morning, with JPMorgan (JPM) and Citigroup (C) reporting their quarterly finances before the bell. Wall Street analysts expected the financial sector to post another incredibly profitable quarter — and JPMorgan managed to?beat their already lofty expectations.In times of market turbulence, there's nothing like soaring profits to calm investors' nerves.Rebounds after disastrous market selloffs are common. Investors who think the market may be oversold look to buy stocks they think are suddenly cheap.But markets are fickle. 3804
The victims' families and survivors of the Florida high school shooting have not held back, calling out the National Rifle Association in the days since the massacre.On Wednesday, Dana Loesch, the organization's national spokeswoman faced them for the first time.Loesch said the organization feels the process for buying firearms is flawed and ensured the audience that the NRA is fighting for them. But the crowd booed as she left the event. 456
The Washington Post has settled a libel lawsuit with Kentucky high school student Nicholas Sandmann, who was at the center of a viral video controversy in 2019.Sandmann sued several news media outlets after their coverage falsely painted his as a racist, wearing a ‘Make America Great Again’ hat during an interaction with a Native American activist near the Lincoln Memorial in Washington D.C. Judge William O. Bertelsman previously dismissed the lawsuit, but later reinstated the case, after he reviewed an amended complaint.On Friday, Sandmann celebrated the settlement on Twitter. 592
The Sarasota (Fla.) County School District confirmed they are looking into a racially offensive promposal that was posted to social media.A spokesperson for the district confirmed the Riverview High School senior posted a picture that they worry will be a disruptor to the school and student safety. The post made to Snapchat reads, "If I was Black I'd be picking cotton, but I'm white so I'm picking U 4 Prom?"The district said they have not concluded if the 18-year-old will be banned from prom as it's an ongoing investigation. Sarasota County Schools also said they sent a text alert to parents Monday morning about the situation and that they plan to have more information late Monday. The student, who Scripps station WFTS in Tampa is not identifying, also posted an apology to social media. The following message was sent to parents and students on Monday morning: 930
