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The Trump administration took another whack at the Affordable Care Act on Wednesday.Officials unveiled a final rule that will make it easier to obtain coverage through short-term health insurance plans, which don't have to adhere to the law's consumer protections.The move would reverse an Obama administration decision to limit the duration of short-term plans to no more than 90 days in order to make them less attractive. Insurers will soon be allowed to sell these policies for just under a year. They can be renewed for up to 36 months, though that renewal isn't guaranteed. 587
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 State of Utah sent face masks showing a handgun and controversial political image to a Salt Lake City family.The free masks are part of the “A Mask For Every Utahn” campaign, where federal COVID-19 money purchased more than two million masks to stop the spread of the virus.“I was just shocked,” said Chrstine Passey-Spencer outside her Rose Park home.Two masks delivered to the family show an American flag with a handgun printed across them with “Don't Tread on Me” written below a coiled rattlesnake.“I think the thing that bothered me most is that I knew my tax dollars paid for this and this is very politically charged speech,” Passey-Spencer said.The “Don't Tread on Me” image stems from the Revolutionary War but has become controversial in recent years. The Gadsden Flag has been used by the Tea Party, anti-gun control activists and white supremacists.In 2016, it was deemed to have “racially-tinged” messaging in some contexts by the federal government.More recently, the image has been used by people believing COVID-19 health restrictions take away their constitutional rights.“We hope this is an isolated incident that we just missed these couple of masks,” said Governor’s Office of Economic Development’s Ben Hart, who oversees the state’s mask program.Since April, the state purchased millions of masks from local and international manufacturers.Hart admits about 100 of the “Don't Tread on Me” masks were included in a shipment last month. Hart says the staff deemed them “inappropriate” and attempted to set all of them aside.“We will not be using taxpayer dollars to pay for these masks. We will be working with the manufacturer and ensuring we do not pay for them,” said Hart.The governor’s office replaced the masks for Passey-Spencer on Tuesday.KSTU's Hailey Higgins first reported this story. 1828
The US Consumer Product Safety Commission (USPSC) announced Wednesday that it is issuing a recall of Xtava Allure hair dryers due to concerns that they could catch fire or deliver electrical shocks.According to the USPSC, the recall affects more than 200,000 hair dryers.Nearly 200 people have reported the dryers and power cords have either "overheated, melted, exploded or caught fire" while in use. Eighteen people sustained burns while using the product, with one of those being classified as a "severe" burn.The dryers were sold online at Amazon, eBay, Walmart and Groupon, in addition to Xtava's own website. They were sold individually or in a hair care pack that included "treatment products, a flat iron or a diffuser."The affected products include the following SKU numbers on a label on the back: XTV010001, XTV010001N, XTV010002, or XTV010002N.Those with the dryers should contact Xtava directly. Visit their recall website here.Alex Hider is a writer for the E.W. Scripps National Desk. Follow him on Twitter @alexhider. 1082
The travel industry is trying new tactics to recover from financial stress. Experts say new deals are emerging that allow people to go on a trip of their dreams through 2022."We quickly realized that the number one factor that helped incentivize travel planning, travel booking, even for 12 to 18 months down the road was this high sense of flexibility, and so, we came up with this concept of putting out and working with hundreds of thousands of travel partners to really come up with these very attractive, aggressively-priced offers, explained Gabe Saglie, senior editor of Travelzoo, a company that facilities travel deals around the world. “But they are fully refundable, and they had these very long travel windows.”Saglie says when COVID-19 hit, the industry came to a screeching halt. But through surveys of its 15 million members, Travelzoo soon found people were still willing to book, but mostly for future trips and not just any trip."People are looking not just to travel, but travel in a memorable way, a special way. So, we’ve been putting out these offers that in some cases are destinations that pre-COVID may not have been on people’s radar. Sort of far-flung bucket-list destinations," said Saglie.Aran Campas, the co-founder of the social media travel site Travevel, says the pent-up demand for travel is showing in different ways."We're seeing two extremes. When we look in groups, forums, different areas, we have the people that are like, 'I’m going now. I’m tired of being trapped. I’m not worried about it, I’m going now. I’m going to wear my mask,’ and then, we have the people who are like, 'Oh, I just booked for 2022 or 2023,'" explained Campas.Campas says pre-pandemic, people generally booked a year or less in advance. Now, they're seeing people either book a trip in the next 30 days or two years from now."What I think it is, I don't think it's so much the flexibility, I think it's let's get someone to book," said Campas.Travelzoo says the help in cashflow is certainly good for the longevity of the industry."There is this infusion of traveler cash now that is helping a lot of these companies. A lot of our travel partners that are looking to employ as many employees on the books as possible, bring back as many employees as quickly as possible. That’s certainly an infusion that’s important, as it helps the industry navigate through these next couple of months until we’re on the other side of this," said Saglie.So, how long will these flexible travel deals be around? Experts aren't too sure.As soon as life gets back to normal and regular travel resumes, the deals could be gone. But if you're wanting to book these deals and possibly change the dates later, Travevel says pay attention to the fine print as some may increase the prices if you adjust your date of travel. 2824