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The ceasefire between the United States and China has set off a huge celebration on Wall Street.The Dow soared about 400 points at Monday's opening bell after China and the United States reached a temporary trade truce. It's a big relief because the damaging trade war between the world's two largest economies was set to deepen in January.The Nasdaq and the S&P 500 climbed more than 1% apiece."A truce is definitely better than an escalation of hostilities," Kit Juckes, strategist at Societe Generale, wrote to clients on Monday.Juckes said that even though investors may doubt the substance of the US-China agreement, "this morning's response reflects relief and a desire to pick up some last-ditch bargains."The relief rally comes after the S&P 500 spiked nearly 5% last week, its best since December 2011. That rebound was triggered by hopes of progress on the trade front and a speech by Federal Reserve chief Jerome Powell that investors interpreted as a signal the central bank will not rush to raise interest rates."The China trade situation is the keystone in the arch of agita," said Sam Stovall, chief investment strategist at CFRA Research.The progress on talks with China means "now we have a very good chance of experiencing a Santa Claus rally," said Sam Stovall, chief investment strategist at CFRA Research.It wasn't just US markets celebrating. Major indexes in Hong Kong and Shanghai surged more than 2.5%. And markets in London, Frankfurt and Paris climbed 2%. Commodities also raced higher. Copper and soybeans rallied. US oil prices, boosted by hopes of an agreement by Russia and Saudi Arabia to cut output, surged 4%.After meeting on Saturday, US President Donald Trump and Chinese President Xi Jinping agreed to hold their fire on tariffs while they try to reach a trade deal. Trump agreed not to raise the 10% tariffs on 0 billion worth of Chinese goods for now. Those tariffs had been scheduled to automatically rise to 25% on January 1. And China said it would be willing to purchase a "very substantial" amount of agriculture, energy and other US products.Still, some analysts warned that the celebration on Wall Street could be short-lived. China and the United States now only have 90 days to sort out nagging trade issues that have been in contention for years, if not decades. And the statements that emerged from the trade meeting lacked concrete details."The beefiest part of Saturday evening's meeting between Presidents Trump and Xi may well have been the local sirloin served for dinner," Nicholas Colas, co-founder of DataTrek Research, wrote to clients on Monday.Goldman Sachs economists said the most likely outcomes are that the truce gets extended after 90 days or that the trade war escalates. The investment bank sees just a 20% chance over the next three months of a comprehensive deal rolling back tariffs."The specter of higher and broader US tariffs remains," Goldman Sachs chief US political economist Alec Phillips wrote to clients on Sunday. 3014
The five suspects accused of abusing 11 children at a New Mexico compound were training them to commit school shootings, prosecutors said Wednesday.If the defendants were to "be released from custody, there is a substantial likelihood defendants may commit new crimes due to their planning and preparation for future school shootings," according to the court filings.The complaints did not provide further details about the alleged training.Allegations against the suspects come in the wake of the discovery that 11 starving children had been living in a filthy compound in Amalia, New Mexico, that lacked electricity or plumbing.Authorities raided the compound on Friday as part of their search for Abdul-Ghani Wahhaj, a child with severe medical problems who was allegedly abducted from Georgia by his father, Siraj Wahhaj, about nine months ago.A boy's remains were found at the compound on Monday, police said, although it is not yet clear whether the remains are those of 4-year-old Abdul-Ghani.Five adults -- including Siraj Wahhaj, another man and three women who are thought to be the children's mothers -- each face 11 charges of child abuse related to the neglect and abuse of the children.None of the defendants has been formally charged. All five defendants appeared in court Wednesday afternoon in Taos. 1324

The Columbus Dispatch reported it obtained a copy of a police incident report where Courtney Smith, the ex-wife of now fired Ohio State football assistant coach Zach Smith, claimed that Ohio State lawyers told her not to press charges.The police report was obtained from an anonymous source and not directly from the Powell, Ohio Police Department. The Dispatch said that Powell Police Chief Gary Vest did not dispute the authenticity of the report. The report, which was dated Oct. 26, 2015, Officer Ben Boruchowitz of the Powell Police wrote, "The victim states that last year, the suspect choked her until she could not breathe. The victim states that the suspect tells her all the time that he will kill her.”In the report, according to the Dispatch, Courtney Smith told Boruchowitz that OSU lawyers were "convincing her to drop the charge because it would embarrass OSU if she proceeded with the prosecution.”After the Dispatch's report came out, Courtney Smith told ESPN that she had not seen a copy of the incident report, but that the claim that OSU lawyers told her to drop the charges was not accurate. OSU officials told the Dispatch it was unaware of the allegation and would investigate. Ohio State head football coach Urban Meyer, who was aware of the 2015 incident, did not fire Zach Smith until last month when he was made aware that Courtney Smith had filed a protection order against Zach Smith. Meyer claimed that because charges were not filed against Zach Smith, he was not obligated to notify Ohio State.After a three-week investigation, Meyer was suspended for three games for mishandling Zach Smith's employment with Ohio State. Meyer's boss, Athletic Director Gene Smith, was also suspended for two weeks by the university. To read the Dispatch's full report, click here. 1865
The co-founder of the Salt Life apparel brand is in a Florida jail following his arrest in connection with the death of an 18-year-old woman at a Singer Island hotel.Michael Hutto, 54, was booked into the main Palm Beach County jail Sunday. Hutto was arrested Oct. 30 on a manslaughter charge in Jacksonville.Hutto is accused of shooting Lora Grace Duncan at the Hilton Singer Island oceanfront resort. Police said the 18-year-old Lake City woman was found dead of a single gunshot wound inside a room at the hotel.According to a probable cause affidavit, Duncan's father had requested a welfare check on his daughter on Oct. 29 after he hadn't heard from her in several days. Using her cellphone's location, her father was able to track her down at the Hilton, where police found her lying dead on the floor with a gunshot wound to the stomach.The room had been rented in Hutto's name, and his wallet and identification card were inside the room, police said.An investigation revealed that one day earlier, Hutto had been taken to a Jacksonville hospital after deputies in St. Johns County found his car illegally parked in a St. Augustine gas station parking lot. Hutto was reported to have been "twitching, making delusional comments and crying while his eyes were rolling into the back of his head."When detectives questioned Hutto at the hospital, he told them, "Oh my God, I think I hurt my Gracie" and then began to cry, the affidavit said.Later, Hutto told detectives he and Duncan were headed to the Florida Keys to visit some of his friends when they stopped at the Hilton. After spending time together on the beach, Hutto said, they were "playing inside of the hotel room as if they were shooting with their finger and a gun."Hutto told detectives that Duncan was sitting on the counter in the bathroom when he pointed the gun at her and it fired, shooting her. Hutto said he then put the gun in his backpack and left her in the room, driving until he ran out of gas.Duncan's father told police that Hutto, who was her boyfriend, had been giving her drugs to keep her sedated.The co-founder of the popular Salt Life apparel brand appeared before a Palm Beach County judge Monday morning. The judge set Hutto's bond at 5,000 and ordered that he not have any weapons or contact with Duncan's family.This story was originally published by Peter Burke at WPTV. 2378
The fatal New York City helicopter crash that killed everyone on board except the pilot may have been caused by a passenger's piece of luggage, the pilot told investigators.The pilot said one of the passenger's bags may have inadvertently hit the emergency fuel shutoff button, leading to the crash that killed five passengers, a senior law enforcement official said.The National Transportation Safety Board will try to determine the cause of the Sunday evening crash, the Federal Aviation Administration said. The NTSB tweeted that an investigation team of 14 people would arrive Monday morning. 610
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