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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 Smithsonian announced the reopening of two prominent Washington, D.C., area attractions that have been shuttered during the spread of the coronavirus.The National Zoo located in Washington and the National Air and Space Museum in nearby Chantilly, Virginia, are scheduled to reopen Friday with a number of safety precautions in place. All other Smithsonian attractions will remain closed. Most other prominent D.C. destinations, including the White House and Capitol, also remain closed to visitors.Both at the zoo and the National Air and Space Museum, all visitors age 6 and over will be required to wear face coverings. The zoo and museum are also requiring timed tickets, and has scaled back its hours to close at 4 p.m.“As a public entity, we thrive on serving our visitors and making our collections readily available to them, virtually and in person,” said Lonnie Bunch, Secretary of the Smithsonian. “However, the safety and well-being of our staff, visitors and volunteers come first and are paramount, so we are taking a deliberate, phased and cautious approach to reopening. Our goal is to be safe and measured in order to adjust and pivot as necessary.” 1177
The wife of a Marine veteran self-deported to Mexico on Thursday rather than be arrested by immigration officials.The Associated Press reports that Alejandra Juarez and her eight-year-old daughter boarded a plane at Orlando International Airport Thursday after a teary goodbye with her husband and 16-year-old daughter.Jaurez had been told earlier this week that she would be deported Aug. 3 after Rep. Darren Soto could not pass legislation to keep Jaurez in the US.In a statement issued to CNN earlier this week, ICE says "Juarez was initially apprehended and removed from the country after attempting to enter illegally from Mexico in 1998. He said she later illegally re-entered the United States after being removed — which is a felony." 765
The US has reported more deaths from the coronavirus on Wednesday than in any other single day during the pandemic, according to data from Johns Hopkins University.According to Johns Hopkins’ figures, local health officials reported 3,157 deaths from COVID-19 on Wednesday, shattering the previous record of 2,607 set in April.The marker comes as CDC Director Robert Redfield warned on Wednesday that the US could see an additional 180,000 coronavirus-related deaths between today and the end of January — an average of at least 3,000 a day.Meanwhile, coronavirus hospitalizations in the US topped 100,000 on Wednesday according to the COVID Tracking Project, a mark that is well above the spring and summer surges of the coronavirus. Nearly 13% of all US hospital beds are being used by coronavirus patients, placing the nation’s health care system in a precarious situation.Despite population increases since the 1970s, the number of hospital beds in America has steadily declined, according to CDC figures.Wednesday's figures would likely not include infections that occurred during the Thanksgiving holiday weekend as coronavirus infections can take weeks to cause hospitalizations. Public health experts are fearful that despite some states implementing shutdowns of businesses, that holiday travel will cause an additional spike in coronavirus cases.According to Johns Hopkins, the U.S. has recorded at least 100,000 new COVID-19 cases each day since Nov. 3. 1472
The U.S. recorded more than 120,000 new cases of COVID-19 on Thursday as cases continue to skyrocket across the country.According to Johns Hopkins University, there were 121,888 new cases of COVID-19 recorded across the country on Thursday. That shatters the previous record of 102,000 cases that were reported on Wednesday.Johns Hopkins reports that more than 1,200 people died of the virus in the U.S. on Thursday, the highest death total since Sept. 15. The highest daily death total throughout the pandemic occurred on April 15, when 2,600 people died.According to Johns Hopkins, COVID-19 is currently spreading faster in the U.S. than it is anywhere else in the world. The U.S. has recorded an average of about 80,000 new cases of COVID-19 in the last seven days; the country with the second-highest rate of new cases is India, with an average of about 45,000 new cases of the virus each day.Health officials warn that the U.S. is entering what could be the most dangerous and deadly period of the pandemic, as colder weather forces social gatherings indoors, where the virus is more easily spread.Since the start of the pandemic, there have been 9,606,369 cases reported in the US, 234,911 being fatal. Both totals mark the most of any country. 1258