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Why are stocks falling again? President Donald Trump says it's because Democrats are gearing up to use their impending control of the House of Representatives to investigate him. As always, when it comes to the markets, the real answer is complicated.The Dow fell by more than 600 points on Monday, dragged down by investors' concerns about the tech sector and the rising dollar. The Nasdaq fell 2% and the broader S&P 500 fell 1.2%.Apple (AAPL) fell 5% after supplier Lumentum cut its earnings and sales forecast because of weak demand, and JPMorgan cut its target price on Apple's stock. That weighed on other technology stocks, including Amazon (AMZN) and Tesla (TSLA) -- down 4% -- as well as Facebook, which fell 3%. Google (GOOGL), Netflix (NFLX) and Microsoft (MSFT) were all down more than 2%.The strong dollar also weighed on stocks. The US currency surged to a 16-month high because investors fear the European economy could stall if no Brexit deal is reached this week. Prospects of another rate hike from the Fed next month have also helped lift the dollar. The rising dollar is a signal of a strong economy, but it hurts sales and profits for American companies that do business overseas.Though Trump blamed Democrats for the drop, the Dow had actually bounced back since the midterms, rising last week in its best showing since March. Wall Street tends to like stagnation in Washington, so investors are actually just fine with Democrats taking the House.As for what Trump termed the "prospect of presidential harassment," there is not much evidence the stock market will bat an eye if Democratic leaders in the House begin investigations into the Trump administration. Stocks rose before, during and after President Bill Clinton's impeachment. 1800
With Hurricane Laura intensifying, forecasters predict it could be a Category 3 storm or higher. Marco was minor in comparison.There's already trouble for low lying areas of the Gulf Coast. Storm surge washed away about 500 feet of a levee in Grand Isle, Louisiana. The National Guard put up sandbags to protect the island.With predictions of possibly 11 feet of storm surge and 15 inches of rain, it could prove too much for other areas.“If they have a failure and in some cases, there will be failures, then the internal areas will flood and it’s very difficult then, once you have a breach in the levee, to keep the water from the outside coming in,” said Gerald Galloway, P.E., PhD.Hurricane Katrina hit the lower 9th ward 15 years ago this month.A billion network of new levees and floodwalls were put in. The Army Corps of Engineers said the system will stop providing adequate protection in as little as four years because of rising sea levels and shrinking levees.There are up to 100,000 miles of levees nationwide, most of them in serious need of repair.Levees received a "D" on the American Society of Civil Engineers' national infrastructure report card.“Where you have a challenge is those areas that are not yet protected. That’s going to be a problem and where they are outside the levees in some distance and there isn’t any normal flood protection,” said Galloway.Galloway's life's work is in flooding, partially with the Army Corps of Engineers. If water overtops levees, he says the best-case scenario is for pumps to get it out, or homes elevated, or at the very least people are evacuated. 1621
WILMINGTON, Del. (AP) — Democratic presidential candidate Joe Biden is confirming that he’s been tested at least once for the COVID-19 virus and promises he will be tested regularly during his campaign against President Donald Trump. Biden told reporters Friday of his testing protocol during a wide-ranging news conference he used to blast Trump for downplaying the virus and thus ensuring that it will continue to kill Americans and ravage the economy. For much of the summer, Biden’s advisers deflected questions about whether the former vice president was being tested himself as he anchored his campaign almost exclusively from his Delaware home, traveling sparingly as a precaution.Biden plans on resuming a relatively normal travel schedule after Labor Day. Since March, Biden has mostly held virtual events due to the coronavirus. 847
While thousands gathered in Bridgestone Arena in Nashville, Grammy Award winner, Sturgill Simpson played his own street-side concert.Simpson won a Grammy for Best Country Album earlier this year, but has never been nominated for a CMA Award. He's made jabs at the Country Music Association in the past.He played for a small crowd at the entrance of the arena and streamed it live to his Facebook page.Sturgill answered questions from viewers and played a few songs. He said he was only recognized once while wading through the crowds of downtown Nashville. 584
WEST PALM BEACH, Florida — West Palm Beach says the number of police cars that had to be pulled off the streets due to engine failure has risen to 49.City Administrator Jeff Green said at this point they believe a tainted fuel shipment in the middle of March is to blame. All of those cars had traces of biodiesel in their tanks, which are meant for unleaded only.West Palm Beach Police Public Information Officer David Lefont said it is not impacting public safety since the agency is supplementing with rental cars.“We have captains driving around in minivans,” Lefont said.Seventeen patrol cars have gotten new engines and are back in service.The other affected cars are non-marked cars.Green said Miami-Dade County police reported they had to pull 120 cars with the same issue.In West Palm Beach the cars affected are all Ford, which is why the automaker is investigating the case as well.But Green said at this point they believe it was the fuel shipment. They’re currently investigating where the shipment came from. 1035