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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 South Carolina Education Lottery reported on its website early Wednesday morning that one winning ticket was sold in its state.Mega Millions announced the win in a statement early Wednesday."The moment we've been waiting for finally arrived, and we couldn't be more excited," said Gordon Medenica, lead director of the Mega Millions Group and Director of Maryland Lottery and Gaming. "This is truly a historic occasion. We're so happy for the winner, and we know the South Carolina Education Lottery can't wait to meet the lucky ticket holder."The Mega Millions jackpot on Tuesday reached .573 billion, the game's largest-ever grand prize but not quite the nation's biggest prize of all time. A Powerball prize in 2016 was for .586 billion. The winning numbers on Tuesday were:28-70-5-62-65 and the Mega Ball was 5.Had a winning ticket not been sold on Tuesday, Friday's jackpot would have reached billion. Winning Tuesday's entire jackpot means either taking the .6 billion winnings in annuity payments spread over 29 years, or taking the lump sum of 3 million. 1112

The terror attack on New York City's West-Side bike path has President Trump calling for congress to eliminate the "Diversity Visa" program.Congress created it in 1990. It was signed into law by President George W. Bush.Among the San Diegans who are here because of the visa program is Anna Riazanova.In 1993, Riazanova, a native of Russia, entered the U.S. on a student visa and began studying to become a paralegal."I fell in love with the country, the people," said Riazanova.A year later, she applied for the Diversity Visa Lottery program, aimed at diversifying immigration by randomly selecting 50,000 green card applicants every year from countries with historically low U.S. immigration rates. 709
The Trump administration plans to announce the long-anticipated federal rule officially banning bump stocks in the coming days, according to US officials familiar with the matter.Bump stocks gained national attention last year after a gunman in Las Vegas rigged his weapons with the devices to fire on concertgoers, killing 58 people. President Donald Trump vowed to outlaw the devices soon after the tragedy, and some lawmakers on Capitol Hill urged him to back a permanent legislative fix.But opposition from lawmakers and the National Rifle Association ultimately made a regulatory change the only realistic path forward to accomplishing the President's goal.The devices make it easier to fire rounds from a semi-automatic weapon by harnessing the gun's recoil to "bump" the trigger faster -- an operation that caused officials at the Bureau of Alcohol, Tobacco, Firearms and Explosives during the Obama administration to conclude that it's merely a gun accessory or firearm part, not subject to federal regulation.At Trump's direction, however, the Justice Department submitted a proposed final rule earlier this year that upended the Obama-era interpretation, and concluded that bump-fire stocks, "slide-fire" devices, and devices with certain similar characteristics all fall within the prohibition on machine guns by allowing a "shooter of a semiautomatic firearm to initiate a continuous firing cycle with a single pull of the trigger," and therefore, they are illegal under federal law.Under the new rule, bump stock owners would be required to destroy or surrender the devices to authorities. Members of the public will be given 90 days to turn in or otherwise discard their bump stocks, according to a source familiar with the final rule."Bump stocks turn semiautomatic guns into illegal machine guns. This final rule sends a clear message: Illegal guns have no place in a law-and-order society, and we will continue to vigorously enforce the law to keep these illegal weapons off the street," a senior Justice Department official told CNN Wednesday.Republican lawmakers, who are typically opposed to federal agencies writing regulations to accomplish what Congress hasn't directly legislated, had insisted that the Justice Department and ATF write a new regulation. Whereas some Democrats, such as Sen. Dianne Feinstein of California, have repeatedly cautioned that such a ban would likely result in lawsuits given ATF's earlier interpretation.ATF Acting Director Thomas Brandon acknowledged in a Senate hearing this summer that he has been advised that banning bump fire stocks through executive regulation could lead to court challenges that would delay the implementation of a ban.Trump said last month he told the NRA "bump stocks are gone," but how the group responds to the final rule remains to be seen. A spokesperson for the NRA said in October 2017 that the ATF "should review bump-fire stocks to ensure they comply with federal law," but made clear it opposed the broader gun-control legislation raised by some in Congress.In June, Slide Fire Solutions, the Texas company that invented the bump-fire stock device and was its lead manufacturer, announced on its website that it would stop taking orders for its products and would shut down its website.The company, however, directs buyers to RW Arms, an arms dealer also based in Texas, which appears to be selling the remainder of Slide Fire's inventory. RW Arms was advertising for bump fire stocks made by Slide Fire as recently as this week, when they offered a Cyber Monday sale on the product. Slide Fire has not responded to repeated requests for comment about any potential litigation over a federal rule banning bump stocks.The-CNN-Wire 3725
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
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