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The jittery stock market is once again heading south.The Dow dropped 327 points, or 1.3%, on Thursday, with selling accelerating after Treasury Secretary Steven Mnuchin backed out of a conferencein Saudi Arabia. The index had been down 471 points at one point.Tech stocks fell sharply, sending the Nasdaq tumbling 2.1%. Netflix declined 5%, while Facebook and Amazon lost about 3% apiece.Stock market volatility is back on Wall Street. Fears about rising bond yields and the US-China trade war sparked heavy selling last week, the worst for all three major indexes since March. Stocks rebounded sharply on Tuesday, before another wobbly session on Wednesday. The CNN Business Fear & Greed Index of market sentiment is flashing "extreme fear."The market slide gathered steam on Thursday after Mnuchin announced on Twitter that he will not participate in the Saudi summit. Mnuchin said it was a joint decision with President Donald Trump and Secretary of State Mike Pompeo. An administration official told CNN that no other government officials will attend the event in Mnuchin's place.The news adds to rising global uncertainties, including concerns about Italy's budget and a plunge in China's stock market.David Kotok, chief investment of Cumberland Advisers, said he believes Thursday's market slide was driven more by concerns about Italy and China."But Mnuchin doesn't help things," said Kotok.Mnuchin's announcement points to elevated tensions between the United States and Saudi Arabia over the disappearance of Washington Post journalist Jamal Khashoggi.Saudi Arabia has threatened to retaliate against potential US sanctions. The kingdom is the world's largest oil exporter, giving it great sway over global energy prices. US oil prices briefly bounced on the Mnuchin news but closed lower on the day.Saudi Arabia has also played a huge role financing the rise of Silicon Valley, serving as the tech industry's unofficial banker.But the market has also been pressured by other international developments. Even before Mnuchin's tweet, analysts pointed out that Italian bond yields spiked due to concerns about Italy's budget proposal. The European Union plans to send a formal warning letter to Rome to signal displeasure over plans to increase Italy's budget deficit, Reuters reported.Chinese markets were also under pressure. The Shanghai Composite plunged nearly 3% overnight, falling deeper into a bear market as the US-China trade war continues to linger.US investors continue to move money out of the riskiest parts of the market and into defensive areas. While tech stocks fell sharply, defensive areas such as utilities and telecom rose slightly."There is a rotation away from the tech and momentum names," Kotok said. "One has to ask: Has FANG been defanged?" 2868
The list of people who are unaccounted for after the Camp Fire in Northern California has 1,011 entries, Butte County Sheriff and Coroner Kory Honea said Friday evening.The sheriff said the list is imperfect and will fluctuate in number because it is raw data that needs to be refined.The death toll from the fire is now 71 after eight sets of remains were found Friday, Honea said. Three other deaths occurred in the Woolsey Fire in Southern California, making the statewide death toll from wildfires 74.With more personnel able to take reports from phone calls and emails and add names from 911 calls on the day the fire broke out, the number of names on the missing list swelled for the second consecutive day.The Camp Fire -- the deadliest and most destructive wildfire in state history -- has destroyed about 9,700 homes and scorched 146,000 acres (an increase of 5,000 acres Friday).Hundreds of deputies, National Guard troops, anthropologists and coroners are sifting through leveled homes and mangled cars for remains."They are going to be searching vehicles that have been burned. They'll be searching residences that have been burned. Checking around the residences ... our mission is to find the victims from this fire, recover them and get them identified and notify the families to give them some answers," Butte County Sheriff's Investigations Sgt. Steve Collins said Thursday.President Donald Trump is expected to visit the region Saturday. Gov. Jerry Brown and Gov.-elect Gavin Newsom plan to accompany him.Smoke from the large wildfire has prompted several universities to cancel or postpone sporting events. That includes the University of California, Berkeley men's basketball game Thursday night, which was called off, and its football game, which was rescheduled for December 1. 1827
The LVMPD is aware of the public's concern regarding this weekend's release of the Joker movie. Public safety is our top priority and additional resources will be available to respond to local theaters in the event a police response is necessary. In addition, LVMPD patrol officers may be seen in or around theaters conducting extra patrol. All citizens are encouraged to report any suspicious activity by calling 702 828-7777 or 311/911 or for immediate police assistance. 481
The Hawaiian Volcano Observatory reports an eruption at the Halemaumau Crater of the Kilauea Volcano. Trade winds will push any embedded ash toward the Southwest. Fallout is likely in the Kau District in Wood Valley, Pahala, Naalehu and Ocean View. Stay indoors to avoid Exposu— COH Civil Defense (@CivilDefenseHI) December 21, 2020 349
The Los Angeles Police Department says an investigation is underway after a man attacked and robbed three transgender women in Hollywood on Monday.KTLA-TV in Los Angeles said police are investigating the incident as a hate crime.Video of a portion of the assault was widely shared on social media. It shows the suspect assaulting the women and also demanding clothing and jewelry from them.According to the LAPD, the man went up to one of the victims with a metal bar and told her to give him her shoes and bracelet. He then grabbed her hand and walked with her for a short distance before she was able to escape.Later, police say the suspect attacked one of the woman's friends with a bottle, knocking her to the ground.The suspect also allegedly made derogatory remarks about the victims' sexual identity during the attack.LAPD shared a photo of the suspect in the hopes of tracking him down. 902