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Trade war fears and a presidential attack on Amazon are rocking Wall Street.The Dow dropped more than 700 points on Monday, and the Nasdaq plunged 3%. The S&P 500 hit its low for the year and was on track for its lowest close since November. The sell-off left all three major indexes in the red for 2018.By the end of the day Monday, the Dow slightly recovered, closing down 458 points for the day.The sell-off on the first day of the second quarter came after President Trump once again attacked Amazon on Twitter. Amazon, one of the biggest drivers of the 2017 market rally, tumbled 5%, wiping out more than billion of its market value.Trump once again accused Amazon of taking advantage of the US Postal Service, and he suggested that Amazon does not pay its fair share of tax.In fact, Amazon pays the same lower rate that the post office charges other bulk shippers, and it collects sales tax in every state that charges it. Amazon does not collect sales tax on purchases made from third-party vendors."You've got the president of the United States attacking a single company over what he considers to be unfair practices," said Ian Winer, head of equities at Wedbush Securities.Amazon wasn't the only tech stock in trouble. Tesla, Netflix and Cisco all dropped by at least 4%. Intel plunged 8% on a?Bloomberg News report that Apple plans to switch to its own chips. Almost every stock in the Nasdaq 100 lost ground.The Nasdaq has plunged more than 10% from its all-time high on March 12."When investors see market leaders suddenly stumble, they become more cautious about the entire group," said Kate Warne, investment strategist at Edward Jones.Wall Street is also fretting about rising trade tensions, especially with China. Beijing responded to Trump's steel and aluminum tariffs on Monday by following through on its threat to impose tariffs on billion of US imports. The tariffs apply to 128 products, ranging from pork and meat to steel pipes.Trump plans to place additional tariffs on about billion worth of Chinese goods — and Beijing has promised to respond.John Toohey, head of equities at USAA, blamed the sell-off on concerns about the China tariffs. "Global trade could slow down, global supply chains could be impacted, and CEOs could be more cautious on capital spending," Toohey said.NAFTA worries are also on the rise after Trump took aim at the trade deal between the United States, Canada and Mexico. Trump on Sunday linked NAFTA to his efforts to build a wall along the border with Mexico."They must stop the big drug and people flows, or I will stop their cash cow, NAFTA. NEED WALL!" Trump tweeted."It's a cause for concern. That mixing of issues is contributing to uncertainty," said Kristina Hooper, chief global market strategist at Invesco.No matter the cause, signs of fear abounded. The VIX volatility index jumped more than 15%. CNNMoney's Fear & Greed Index of market sentiment dropped further into "extreme fear." Crude oil plunged about 3%. Gold, which tends to do well when investors are worried, climbed more than 1%."None of it makes a lot of sense," said Michael Block, chief strategist at Rhino Trading Partners. "I don't know what we learned that was new. Chinese tariffs are not surprising."After spiking last year, the stock market hit extreme turbulence during the first three months of the year as investors worried about tariffs, inflation and tech stocks. The Dow snapped its longest quarterly winning streak in 20 years.Stocks may be volatile, but the backdrop looks bright. Global economic growth is expected to accelerate and corporate profits are likely to surge, thanks in part to Trump's corporate tax cuts."It's unlikely to be the end of the bull market," Warne said. "The underlying fundamentals remain positive." 3823
This is a story about a state trooper, a collision and a lie.It begins at a parking lot in Michigan. While on duty last May, Trooper Kevin Klomparens had pulled into a Chipotle restaurant in his Michigan State Police vehicle. He was backing into a parking space when his SUV backed into a parked car.The damage caused was minimal: scratches and a small dent that totaled a few hundred dollars in damage. But Trooper Klomparens didn’t notify the car’s owner, leave a note or report the accident. Instead, he pulled out of the space and left.The driver of the damaged car turned out to be a 20-year-old college student who worked at a Southfield restaurant. She didn’t feel comfortable talking to Detroit-based WXYZ on-camera for this story, but said off-camera that she learned about the accident from two people who witnessed it. They told her, and then police.According to police records, the two witnesses said they heard “a loud crunch” and saw the trooper “commit a hit and run.” Dispatch notified nearby officers that one of their own had been involved in an accident. Klomparens heard the message on his police radio, and that’s when he turned his small problem into a much bigger one.Klomparens: I just got sideswiped by a car, I’m at 8 and Lahser. He flipped and headed back east on Westbound 8 Mile, I’m trying to catch up. I’m not entirely sure what kind of car it is, a grey sedan.Dispatch: And he’s now Eastbound or Westbound on 8?Klomparens: Eastbound. He hit a turnaround, I’m stopped at a traffic light when he hit my backend.Klomparens said he was the victim of a crime and said he was in a police chase with the person responsible.Dispatch: Did you get a plate?Klomparens: Negative on a plate, he turned behind me, there was a Michigan u-turn behind me. He turned back and sped off eastbound.In truth, there was no chase. No sideswipe. Klomparens made it all up.“Unbelievable that this officer would respond in that manner,” said Willie Bell, who spent 32 years as a Detroit Police Officer. “You’re violating the confidence that people have in police officers in general.”Today, Bell serves on the Detroit Board of Police Commissioners.“It’s a simple accident, but now it lays to totally lack of confidence, not just in this officer, but police officers in general,” Bell said.After the accident, MSP investigated and Trooper Klomparens admitted to making the story up. The case was forwarded to Attorney General Bill Schuette’s office for possible prosecution. His office declined to charge the trooper with anything, writing in part that while “(w)e are certainly not condoning the actions of the trooper,” “there are better ways to handle this particular incident.”WXYZ asked to speak with Attorney General Schuette on camera to understand why he chose not to bring charges. His office declined. “The average citizen easily would have been charged in this case,” said Michael L. Steinberg, a criminal defense attorney who’s represented men and women accused of hit and run accidents. “Providing false information to a police officer is usually going to get the attention of the prosecuting attorney’s office,” he said. “A police officer doesn’t get special status as far as the law goes.”Klomparens won’t face charges, but he could still face discipline. He is still working at MSP today while internal affairs continues to investigate, more than five months since the accident happened. He declined comment for this story.The owner of the damaged vehicle says state police promised to reimburse her the full cost of repairing her SUV. Months later, she’s still waiting. 3694
Thomson International issued a voluntary recall Saturday for thousands of pounds of onions due to possible salmonella contamination.The recall includes red, yellow, white and sweet yellow varieties.The recall came a day after the CDC issued a food safety alert for onions produced by the company after nearly 400 people from 34 states had been sickened with salmonella. Fifty-nine of those who were sickened were hospitalized.According to the CDC's food alert, red onions are most likely the cause of the outbreak, but because of the way the onions are grown and harvested, other types may have been contaminated.According to the FDA, the onions were sold in mesh sacks as small as two pounds and in cartons as large as 50 pounds. They were shipped to grocery stores in all 50 states and Canada on May 1, and were sold under a variety of brand names.The CDC recommends throwing away all onions from Thomson International or its associated brands. If it's unclear who grew the onions, the CDC also recommends throwing them away.The agency also recommends cleaning and sanitizing any surfaces that may have come into contact with the onions, including countertops, refrigerator drawers, knives and cutting boards.Restaurant goers should also ask where establishments got their onions, and not order any meals with onions if it's unclear where they were produced.Salmonella usually presents with fever, diarrhea (which may be bloody), nausea, vomiting and abdominal pain. People older than 65 and younger than 5 are more likely to suffer severe illness.The onions were sold under the following brand names: Thomson Premium, TLC Thomson International, Tender Loving Care, El Competitor, Hartley’s Best, Onions 52, Majestic, Imperial Fresh, Kroger, Utah Onions and Food Lion. 1778
To the world she was the Queen of Soul. To Cristal Franklin, she was so much more.“I saw her as my aunt. The one who cooked dinner for my roommate from college when I came home. The one who bought the best gifts on earth for Christmas and birthdays,” Franklin said.Franklin says she visited her aunt in the days before she died, hoping for a miracle, but knowing her time would likely be short She got word she had passed as she left town.“We were taking my daughter to college when we got the news. I made it on the plane. When the door closed, I lost it,” said Cristal.She drove by the Charles H Wright Museum of African American History the night before the public visitation and saw already overwhelming crowds. In her grief, she decided to take food to those first in line and learn about what her aunt meant to them.Cristal, a clothing designer, known as CFranks, decided to make a shirt that listed he aunt's accomplishments.“I want people to know she was more than a singer,” Franklin said. “She was a civil rights activist.”“I want people to listen to the old songs and play them for their children," she said.She shared memories of her aunt helping students pay for college, seeing families lose their belongings in a fire and responding, helping activists get out of prison, and paying for funerals of those in need.“It is overwhelming because she is our aunt,” Franklin said.Cristal is hoping people learn about her aunt through her creation. You can find it here. 1531
There is a web of connections between the Trump campaign, the anti-secrecy website WikiLeaks and the public disclosures it injected into the presidential campaign. Federal investigators are examining some of these relationships and whether any of them were part of an effort to coordinate with Russia's election-meddling efforts.On Monday, it was revealed that Donald Trump Jr. exchanged some private messages on Twitter with WikiLeaks during the 2016 presidential campaign. The news was first reported by The Atlantic and later confirmed by Trump Jr., who posted screenshots of the messages.A source familiar with the matter told CNN that Congress has known about these messages for a while and they came up during Trump Jr.'s closed-door testimony in September. 771