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The Washington Redskins are changing their name.According to the Sports Business Journal's John Ourand, the organization will announce the change on Monday. 164
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 asked the Supreme Court on Monday to take up a case concerning the government's decision to phase out an Obama-era initiative that protects from deportation young undocumented immigrants who came to the United States as children.In doing so, government lawyers sought to bypass federal appeals courts that have yet to rule definitively on the Deferred Action for Childhood Arrivals program.In court papers, Solicitor General Noel Francisco asked the justices to take up the case this term and argued that district judges who had issued opinions against the administration were "wrong" to do so. Francisco pointed out that back in 2012 the Obama administration allowed some "700,000 aliens to remain in the United States even though existing laws provided them no ability to do so."Francisco said that "after a change in administrations" the Department of Homeland Security ended the policy "based on serious doubts about its legality and the practical implications of maintaining it."The filing came the night before the midterm elections as President Donald Trump has repeatedly brought up immigration to rally his base in the final hours before the vote.In September 2017, the government announced plans to phase out the program, but lower court judges blocked the administration from doing so and ordered that renewals of protections for recipients continue until the appeals are resolved.The legality of the program is not at issue in the case. Instead, lower courts are examining how the government chose to wind it down.Supporters of the roughly 700,000 young immigrants who could be affected by the end of DACA say the administration's actions were arbitrary and in violation of federal law. 1736
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 US Consumer Product Safety Commission (USPSC) announced Wednesday that it is issuing a recall of Xtava Allure hair dryers due to concerns that they could catch fire or deliver electrical shocks.According to the USPSC, the recall affects more than 200,000 hair dryers.Nearly 200 people have reported the dryers and power cords have either "overheated, melted, exploded or caught fire" while in use. Eighteen people sustained burns while using the product, with one of those being classified as a "severe" burn.The dryers were sold online at Amazon, eBay, Walmart and Groupon, in addition to Xtava's own website. They were sold individually or in a hair care pack that included "treatment products, a flat iron or a diffuser."The affected products include the following SKU numbers on a label on the back: XTV010001, XTV010001N, XTV010002, or XTV010002N.Those with the dryers should contact Xtava directly. Visit their recall website here.Alex Hider is a writer for the E.W. Scripps National Desk. Follow him on Twitter @alexhider. 1082
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