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The ceasefire between the United States and China has set off a huge celebration on Wall Street.The Dow soared about 400 points at Monday's opening bell after China and the United States reached a temporary trade truce. It's a big relief because the damaging trade war between the world's two largest economies was set to deepen in January.The Nasdaq and the S&P 500 climbed more than 1% apiece."A truce is definitely better than an escalation of hostilities," Kit Juckes, strategist at Societe Generale, wrote to clients on Monday.Juckes said that even though investors may doubt the substance of the US-China agreement, "this morning's response reflects relief and a desire to pick up some last-ditch bargains."The relief rally comes after the S&P 500 spiked nearly 5% last week, its best since December 2011. That rebound was triggered by hopes of progress on the trade front and a speech by Federal Reserve chief Jerome Powell that investors interpreted as a signal the central bank will not rush to raise interest rates."The China trade situation is the keystone in the arch of agita," said Sam Stovall, chief investment strategist at CFRA Research.The progress on talks with China means "now we have a very good chance of experiencing a Santa Claus rally," said Sam Stovall, chief investment strategist at CFRA Research.It wasn't just US markets celebrating. Major indexes in Hong Kong and Shanghai surged more than 2.5%. And markets in London, Frankfurt and Paris climbed 2%. Commodities also raced higher. Copper and soybeans rallied. US oil prices, boosted by hopes of an agreement by Russia and Saudi Arabia to cut output, surged 4%.After meeting on Saturday, US President Donald Trump and Chinese President Xi Jinping agreed to hold their fire on tariffs while they try to reach a trade deal. Trump agreed not to raise the 10% tariffs on 0 billion worth of Chinese goods for now. Those tariffs had been scheduled to automatically rise to 25% on January 1. And China said it would be willing to purchase a "very substantial" amount of agriculture, energy and other US products.Still, some analysts warned that the celebration on Wall Street could be short-lived. China and the United States now only have 90 days to sort out nagging trade issues that have been in contention for years, if not decades. And the statements that emerged from the trade meeting lacked concrete details."The beefiest part of Saturday evening's meeting between Presidents Trump and Xi may well have been the local sirloin served for dinner," Nicholas Colas, co-founder of DataTrek Research, wrote to clients on Monday.Goldman Sachs economists said the most likely outcomes are that the truce gets extended after 90 days or that the trade war escalates. The investment bank sees just a 20% chance over the next three months of a comprehensive deal rolling back tariffs."The specter of higher and broader US tariffs remains," Goldman Sachs chief US political economist Alec Phillips wrote to clients on Sunday. 3014
The general manager at Grayton Road Tavern received a strange phone call from her manager on duty just before 9 p.m. local time Monday.Jennifer Natale said she was called when her employees found out a woman had crawled up through a ceiling tile in the women's bathroom and hadn't come out."It was honestly just one of those phone calls you don't really ever think you're going to get," Natale said. "I asked her to put me on FaceTime, she did that and it was true. There was a person who crawled up into the ceiling."The bar staff called police, and the woman was found in the ceiling over the kitchen.In surveillance video shown in the media player above, the woman is seen walking into the bathroom, and sometime later a ceiling tile falls in the hallway."It was a really hot day. I can't even imagine how hot it was for that two-hour period," Natale said.Monday was a record-breaking day reaching 93 degrees in the Cleveland area.Police told Natale the woman had pulled similar stunts in the past. The bar is known for its Queen of Hearts game, which left one lucky winner with .5 million in March. This may have been the motive behind the woman's desire to hide in the ceiling on such a hot day, but Natale said the money isn't even kept in the restaurant. 1291
The Environmental Protection Agency blocked reporters from several news outlets from a national summit on Tuesday where Scott Pruitt, the agency's chief, was speaking.Journalists from CNN, the Associated Press and the trade publication E&E were barred by the EPA from entering the event, which was focused on harmful chemicals in water. A handful of other reporters from other news organizations, however, were allowed inside the event after having been previously invited by the agency.In a statement, Jahan Wilcox, an EPA spokesman, said the agency barred reporters from attending due to space limitations inside the venue. He said the EPA was able to accommodate only 10 reporters and that it provided a livestream "for those we could not accommodate.""This was simply an issue of the room reaching capacity, which reporters were aware of prior to the event," Wilcox said.A report published by The Hill, however, said a handful of seats in the press section remained vacant by the time Pruitt began speaking. A photo obtained by CNN also showed space for cameras.Additionally, the Associated Press said in a story that one of its reporters, denied entry, was grabbed by security guards and forcibly shoved out of the building after asking to speak to an EPA public affairs person. A CNN photographer saw the Associated Press journalist being shoved out of the building by a uniformed guard, and the Associated Press journalist recounted the incident to CNN immediately after it took place.When reached by phone and asked about the Associated Press report, Wilcox declined to comment to CNN beyond his original statement, which said he was "unaware of the individual situation that has been reported."CNN was also blocked from attending the summit. A CNN photographer was screened by security guards before the event and was waiting for an escort or further information. Wilcox arrived soon after and provided security with a list of news outlets and reporters, instructing them not to let anyone not on the list into the event. The CNN photographer then asked if he could enter the event and was told by security he couldn't.Separately, a CNN reporter and producer lined up with members of the public and presented their IDs and credentials, identifying themselves as reporters. The individual manning the door said he needed to ask the press office if they could be permitted to enter. A few minutes later, he returned and said the CNN journalists were not allowed in.In a statement, a CNN spokesperson said, "Today, CNN was turned away from covering the PFAS National Leadership Summit at the EPA after multiple attempts to attend. While several news organizations were permitted, the EPA selectively excluded CNN and other media outlets. We understand the importance of an open and free press and we hope the EPA does, too."Sally Buzbee, executive editor of The Associated Press, said in a separate statement, "The Environmental Protection Agency's selective barring of news organizations, including the AP, from covering today's meeting is alarming and a direct threat to the public's right to know about what is happening inside their government."Buzbee added, "It is particularly distressing that any journalist trying to cover an event in the public interest would be forcibly removed."The-CNN-Wire 3320
The CEOs of T-Mobile and Sprint are confident that their proposed merger will get approval from US regulators and create jobs — and that it won't raise prices for wireless subscribers.T-Mobile's John Legere and Sprint's Marcelo Claure told CNN's Richard Quest on Monday that the merger of the two companies would make it easier for them to build out a national, high-speed 5G network before their rivals Verizon and AT&T do."The country needs 5G," Claure said. He said the United States can't fall further behind China and South Korea, which are ahead in deploying 5G technology. 591
The death toll in the Camp Fire in Northern California has risen to 23 with the discovery Saturday of 14 more sets of remains, Butte County Sheriff and Coroner Kory Honea told reporters.Honea said 10 of the victims were recovered from the fire-ravaged town of Paradise. He said seven people were found in homes, and three were outside. Of the remaining four, two were in cars and two were in houses in other areas.Saturday brought a break in the fierce winds that have whipped the three major wildfires in California that have destroyed a record number of buildings and displaced more than 300,000 people.PHOTOS: 3 wildfires rage in CaliforniaBut officials know the gusts will be back Sunday and most evacuation orders remain in place."Mother Nature has given us a short reprieve ... but we know tomorrow Mother Nature's gonna turn her fan back on and the winds are going to start blowing," Ventura County Fire Chief Mark Lorenzen told reporters. He said he cautioned his firefighters and the public not to be lulled by the better weather Saturday. 1056