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Suffering from slumping sales and mountains of debt, Toys 'R' Us has filed for bankruptcy.The 69-year old Toys R Us was once the mecca of kids' gifts. But it was eventually overtaken by Walmart and ultimately Amazon.In its fight to stay relevant, Toys R Us amassed billion in debt. That came from slashing prices, signing major,exclusive licensing deals with toymakers and buying up other toy giants FAO Schwartz and KB Toys over the past decade. 467
Stocks tumbled Friday as trade tensions between the United States and China heated up.The Dow closed down 572 points, a drop of 2.3%, after President Trump threatened to escalate a confrontation with China over trade. It fell as much as 767 points earlier in the day. The S&P 500 and the Nasdaq each declined more than 2%.Friday's losses wiped out gains for the week, and the Dow sank back into correction territory — 10% below its all-time closing high in January.Trump said late Thursday that he was considering tariffs on 0 billion more in Chinese exports, which would triple what the United States is already planning."The fear of a policy mistake on trade is increasing," said Art Hogan, chief market strategist at B. Riley FBR.All 30 companies on the Dow lost ground on Friday. Caterpillar, Boeing and Nike, giants with heavy exposure in China, were among the biggest losers in the index."The ratcheting up of trade tensions clearly carries risks. The tariff threats, even if only intended as bargaining tools, will be difficult to back down from if talks fail to deliver results," Capital Economics' Julian Evans-Pritchard wrote in a research note Friday.Anxiety returned to Wall Street after three days of gains. The VIX, a measure of market volatility, spiked 12%. CNNMoney's Fear and Greed index sank further into "extreme fear" territory.Wary investors had been holding out hope that the two sides will reach a deal before the proposed trade barriers go into effect.White House officials, including top economic adviser Larry Kudlow, have sought in recent days to soothe business leaders' fears of a trade war that would constrain economic growth.Earlier this week, the Trump administration announced plans for tariffs on billion worth of Chinese goods in retaliation for China's alleged theft of US intellectual property. Beijing fired back hours later by threatening tariffs on billion worth of US goods, including cars, planes and soybeans.The market had been interpreting Trump's proposed tariffs as negotiating tactics meant to extract concessions out of China rather than a rigid position. But Wall Street began to reassess that view as the administration sent conflicting signals throughout the day."We've gone from Larry Kudlow trying to calm the markets down to the administration saying, 'Hey, ignore the markets,'" Hogan said.In a radio interview Friday morning, Trump said, "I'm not saying there won't be a little pain, but the market has gone up 40%, 42%, so we might lose a little bit of it."Selling accelerated later in the day after Treasury Secretary Steve Mnuchin told CNBC, "There is the potential of a trade war."Investors had been operating under the assumption China and the United States were negotiating to avoid a trade conflict, but Mnuchin avoided questions about whether the two countries were actively talking."As no one came out to pull this back, there was a gradual realization that this was something that might be a little more serious," said Brad McMillan, chief investment officer for Commonwealth Financial Network.Analysts said the market also responded to comments from Federal Reserve Chair Jerome Powell.Powell said that the US economy was growing and a turbulent stock market would not change the Fed's course to gradually raise interest rates. The Fed is on track to raise rates three times this year, but it could speed up that process to cool down the economy."Markets are forced to confront the idea that rates are going up and the stock market is not going to derail that process," McMillan said.Stocks were mostly unaffected by the March jobs report, which showed that the US economy added 103,000 positions, down from a much bigger gain in February and well below what analysts were expecting.Wages grew 2.7% in March compared with a year earlier, in line with expectations. Investors were watching that number because it's a barometer of inflation. In February, an unexpected jump in wage growth set off inflation alarm bells and caused stocks to plunge.The combination of the hiring slowdowns and modest wage growth temporarily eased Wall Street's concerns that the economy was overheating.The yield on the 10-year US Treasury note, which has been steadily climbing as investors' inflation expectations rise, dipped to 2.78% after the jobs report."Investors breathed a sigh of relief," said Sam Stovall, chief investment strategist at CFRA Research. "Now we only have one issue to deal with, and that's trade."—CNNMoney's Paul R. La Monica contributed to this report.The-CNN-Wire 4564

The Boston Red Sox advanced to the World Series, defeating the Houston Astros 4-1 Thursday in Game 5 of the American League Championship Series at Minute Maid Park in Houston.David Price, whose postseason struggles have long been a talking point, delivered a solid performance for the Red Sox. The veteran left-hander went six shutout innings, striking out nine Astros.J.D. Martinez finished 2-for-3, and his solo home run got Boston on the board in the third inning. Rafael Devers made it a 4-0 lead in the sixth with a three-run homer.The Price playoff narrative has been beaten into the ground so much that even casual baseball fans are probably aware of his October history.The five-time All-Star was a different pitcher Thursday night, and his changeup was a big reason.It's one thing for Price to pitch spectacularly on a given night; it's another for that success to come in part because of a change in approach. That's something tangible he can carry into his first start in the 2018 World Series.Expecting the veteran left-hander to be this effective in the Fall Classic might be unrealistic, but a better version of Price than his typical postseason self would make a big difference for the Red Sox in the next round.Nathan Eovaldi has never pitched in a World Series, and Rick Porcello's playoff starts with Boston have been a mixed bag. Most importantly, Chris Sale has a stomach illness that kept him out of starting Game 5.If the Red Sox can count on Price, they'll have one fewer question mark surrounding their starting rotation.Astros Primed to Contend Again in 2019Sometimes, baseball isn't fair.As great as the Astros played this year, history wasn't on their side. MLB will now go 18 years without a repeat World Series champion.The good news for Houston is that it has a good chance to return to the playoffs and make another title challenge in 2019.The Astros could see some experienced veterans depart in free agency. Marwin Gonzalez, Charlie Morton, Evan Gattis, Tony Sipp and Dallas Keuchel are all hitting the open market in the offseason.The Justin Verlander trade—the Astros absorbed million from his contract—showed ownership is willing to make the financial commitment necessary to put together a championship-caliber roster. Houston may wind up losing one or more of its free agents, but it shouldn't be a mass exodus.The Astros' returning stars aren't due to decline in 2019, either. Jose Altuve and George Springer are the elder statesmen yet are only 28 and 29, respectively. Alex Bregman, who enjoyed a breakout in 2018, will turn 25 in March. Carlos Correa turned 24 last month.Regarding the rotation, Gerrit Cole averaged a career-high 12.4 strikeouts per nine innings and saw his FIP fall from 4.08 in 2017 to 2.70, per Baseball Reference. A free agent in 2020, Cole could well repeat that success next season.And the 35-year-old Verlander continues to defy the aging curve. Maybe he'll fall off in 2019, but it feels like that has been a possibility for the last three or four years.Luck is a factor in determining a team's fate. But strictly from a roster point of view, the pieces are there for the Astros to play in October next season.Red Sox Offense Looks Unstoppable Heading into World SeriesThe Astros surrendered eight combined runs in their first four playoff wins. The Red Sox scored 27 total runs as they reeled off four straight victories to clinch the AL pennant.This is the same Boston offense that ranked first in on-base percentage (.339), slugging percentage (.453) and weighted on-base average (.340).The Red Sox's collective strength is shining.When Mookie Betts and Andrew Benintendi combine to go 0-for-10, Ian Kinsler and Mitch Moreland and deliver two hits apiece. Both Kinsler and Moreland scored on Devers' homer.Likewise, one mistake thrown to Martinez is all it takes to see the ball sail over the fence. Verlander should've had a strikeout with a slider down and away. Instead, he had to throw another pitch and left a hang
Tempe, Arizona police are investigating a deadly crash involving a self-driving Uber vehicle early Monday morning. The Uber vehicle was reportedly headed northbound when a woman walking outside of the crosswalk was struck. The woman, identified as 49-year-old Elaine Herzberg, was taken to the hospital where she died from her injuries.Tempe Police says the vehicle was in autonomous mode at the time of the crash and a vehicle operator was also behind the wheel. No passengers were in the vehicle at the time. An Uber spokesperson said they are aware of the incident and are cooperating with authorities.They released the following statement: "Our hearts go out to the victim’s family. We are fully cooperating with local authorities in their investigation of this incident."Uber's CEO Dara Khosrowshahi also acknowledged the incident on Twitter: 906
Stevie Wonder has joined Twitter and his first tweet did not disappoint.The Grammy-winning superstar paid tribute to Dr. Martin Luther King on Wednesday in his inaugural tweet posted shortly after 8 p.m. ET. The timing of the tweet appears to coincide with the moment the civil rights leader was pronounced dead fifty years ago.The tweet came with a star-studded video in which the Obamas and celebrities such as Common, Bette Midler, and Billy Crystal talked about their own dreams -- a nod to King's famous "I Have A Dream" speech. King delivered the speech five years before he was assassinated in Memphis."On April 4th, 1968 at 7:05 p.m. central time, Dr. King's life was cut tragically short. 50 years later a need for his dream to be fulfilled is far greater than ever," Wonder tweeted on Wednesday. "Share your dream & post your own #DreamStillLives video. Spread love...spread hope."Wonder called in a host of famous friends from politics, sports, business, music and entertainment to help him with the video tribute. Kamala Harris, Dave Chappelle, Warren Buffett, Bon Jovi, Katy Perry, Serena Williams and Smokey Robinson also made appearances in the five-minute video. 1190
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