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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 suspect in the shooting deaths of two people at Central Michigan University is in custody, police reported early Saturday. Police spent most of Friday searching for a 19-year-old person of interest after two people were shot and killed on the campus of Central Michigan University on Friday. Scripps station WXYZ in Detroit is reporting that the victims are the suspect's parents.James Eric Davis Jr. is the suspect in the deaths of his parents James Davis Sr. and his wife, Diva Davis. Davis Sr. is a part-time police officer in Illinois in Chicago. Police later confirmed the identities of the victims. 652

The United States is at the beginning of a second wave of significant job loss.“We are seeing a resurgence in layoffs that has been quite clearly indicated in the last couple of weeks,” said Daniel Alpert, an adjunct professor and senior fellow at Cornell University.Cornell University recently published a study showing about a third of the people who went back to work during the pandemic have now been laid off for a second time. Another 26 percent of workers have been warned by their employers that future furloughs and layoffs may soon come.“The problem is that you get an echo,” said Alpert. “So, if you have a resurgence in layoffs, a decrease in spending, that creates more contraction on the part of businesses, which creates more layoffs. The question is, when can you put a floor under this spiraling situation? It is a classic economic spiral.”The cycle--of job loss eventually leading to more job loss--is causing some to fear it could lead to a third wave of unemployment in a few months. Experts, like Alpert, believe the only way to stop the cycle would be a vaccine or for Congress to come together on another stimulus bill that props up households and businesses until a vaccine is released.“We are very concerned about the current rollercoaster effect on resumed layoffs, but longer term, we are really scared about seeing huge numbers, tens of millions of businesses vanish,” said Alpert.The more waves of unemployment we see, the higher likelihood of that. 1486
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 U.S. has now recorded at least 100,000 cases of COVID-19 each day for the last three weeks.On Monday, at least 169,190 new cases of the coronavirus were recorded throughout the U.S., marking 21 consecutive days that the country has seen at least 100,000 new COVID-19 cases.During that time span — dating back to Nov. 2 — the number of people in the country hospitalized with complications from the virus has nearly doubled from 48,557 to 85,836. Currently, about 69% of those hospitalizations are occurring in the South and Midwest, meaning some hospitals in those areas — particularly rural hospitals — are currently operating at capacity.The massive spike in cases has also caused the number of deaths linked to COVID-19 on a rolling 7-day average to nearly doubled from 826 a day to 1,515 a day. The last time the U.S. saw as many deaths per day as it sees now came back in mid-May when the country was still recovering from the virus' silent and uncontained spread in early spring. Over the weekend, the U.S. surpassed 3 million new cases in November alone. The country has recorded 12.4 million cases of COVID-19 since the pandemic began, meaning about one-quarter of all of those cases have occurred this month alone.Despite the bleak outlook on the state of the pandemic in the country, Dr. Anthony Fauci, the county's top expert on infectious diseases, warned Monday that the pandemic could worsen further. He said that if Americans don't follow common-sense public safety measures on Thanksgiving, cases could spike even further in December."The chances are that you will see a surge superimposed on a surge," Fauci said.Fauci recommends limiting Thanksgiving gatherings to members of a single household. He also says Americans need to continue to follow five common public safety measures in order to limit the spread: Adopt uniform mask-wearing, keep social distance, avoid large crowds, gather outdoors as opposed to indoors and continuously wash hands. 1983
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