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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 United States has seen its share of natural disasters in recent weeks. From a massive derecho in Iowa, to wildfires in the Western United States along with hurricanes striking the Gulf Coast, severe weather has taken a toll on the country.This has especially been true for the American Red Cross.The Red Cross said on Friday that recent events have caused the Red Cross to cancel 100 blood drives, resulting in 2,700 blood platelet and plasma donations being lost. This has also had an impact on other blood collection centers, the Red Cross said.Amid the pandemic, the Red Cross said that its process is safe, and that it will take precautions to avoid spreading germs. Red Cross staff will be wearing gloves, routinely wiping down donor-touched areas, using sterile collection sets for every donation, and preparing the arm for donation with an aseptic scrub.You can make an appointment to donate blood by using the Red Cross Blood Donor App, visiting RedCrossBlood.org or calling 1-800-RED CROSS (1-800-733-2767).To give blood, people can donate once every 56 days, must be in good health and feeling well, be at least age 16, and weigh 110 pounds, depending on height. Those who donate will be asked to produce an ID, and be asked several medical questions.The whole process takes 10-15 minutes, the Red Cross said. 1331
The Stallion Springs, California Police Department is warning the public about a cell phone "spoofing" scam that's going around asking for personal information. The spoofing scam appears to look like a legitimate phone call as the caller ID is displayed as the victim's own cellphone number.A voice recording identifies the call is coming from AT&T, and advises the victim that their cellphone account has been compromised and they may be a victim of fraud. The voice recording then asks for the victim to confirm their personal information, specifically asking for the last four digits of their social security number.AT&T confirmed to Stallion Springs Police that this is a phone scam. Police advise that if you receive calls like this, to not answer them. If you do answer, do not give out your personal information. Hang up and call your phone company asking about the legitimacy of the scam or call police. Report spoofing at www.IC3.gov. 989
The Trump administration has decided to refer every person caught crossing the border illegally for federal prosecution, a policy that could result in the separation of far more parents from their children at the border.The move would also mean that even if immigrants caught at the border illegally have valid asylum claims, they could still end up with federal criminal convictions on their record regardless of whether a judge finds they have a right to live and stay in the US.Homeland Security Secretary Kirstjen Nielsen officially enacted the policy on Friday, according to a Department of Homeland Security official speaking on condition of anonymity. It corresponds with a Department of Justice "zero-tolerance policy" for illegal border crossings, under which Attorney General Jeff Sessions has ordered federal prosecutors to pursue criminal charges against all referrals for illegally crossing the border, as possible. 936
The students-turned-activists who survived a mass shooting at their Florida high school last month are featured on the glossy cover of Time magazine.The magazine on Thursday revealed the cover of its April 2 issue, which features Marjory Stoneman Douglas students who are leading the national conversation about gun control in the wake of the Valentine's Day shooting that claimed the lives of 17 students and faculty members.Emma González, David Hogg, Cameron Kasky, Alex Wind and Jaclyn Corin all appear on the cover, with the word "ENOUGH," written in bold letters and imposed across the image. The accompanying story was also posted on Time's website.In the five weeks since the massacre, the Parkland, Florida, students have been transformed into high-profile gun control advocates, leading school walkouts and meeting with lawmakers as they demand steps be taken to address the issue of gun violence in America.The cover was revealed two days before the students and their allies rally in Washington for the March for Our Lives, a demonstration organized by the student group #NeverAgain and the gun control organization Everytown for Gun Safety. 1185