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The Wall Street roller coaster started to climb again.The Dow closed up 401 points, or 1.6%, on Thursday. The broader S&P 500 gained 1.9% and the Nasdaq surged 3%, its best day since March. Stocks bounced back after a sharp drop Wednesday that sent the Nasdaq into a correction.The market has slumped badly in the past several weeks, but it hasn't fallen in a straight line. Volatility is spiking, and huge sell-offs have been interspersed with big gains, including October 16's 548-point jump for the Dow and October 12's 287-point gain.Still, the back and forth has been heaviest in one direction: down. The S&P 500 was less than a percentage point drop away from entering a correction Wednesday. Investors had been looking for strong corporate earnings to drag stocks out of the doldrums, but earnings have disappointed this quarter. That gave already nervous investors more anxiety."No matter how good the report or how positive the guidance, investors are looking for the exits," said Justin Walters, cofounder of Bespoke Investment Group, in a note to investors Thursday. "Companies that are reporting earnings this season are getting slaughtered."The average stock has fallen 2% the day after reporting earnings this quarter -- the worst performance of the 21st century, according to Walters.Concerns about rising rates and the trade war have spooked the markets this month. The S&P 500 has fallen 7% in October. And the Nasdaq is down 9%, on track for its worst month since November 2008. Only 13% of stocks are trading above their 50-day moving averages, evidence that Walters believes suggests stocks have been oversold.Investors agreed on Thursday at least. They saw a buying opportunity, particularly in tech.All of the FAANG stocks were up more than 2%. Amazon led the pack, up 7%.Twitter (TWTR) spiked 16% after reporting higher profit and more engaged customers despite losing users overall. Netflix (NFLX) rebounded after plummeting 9% Wednesday. Microsoft (MSFT) rose about 6% after reporting strong earnings the night before.Tesla (TSLA) was up 9%. The company reported by far its most profitable quarter in history late Wednesday, lessening concerns of a looming cash crunch that had been weighing on shares.Tech will be tested again later on Thursday: Alphabet, Amazon (AMZN), Snap (SNAP) and Intel (INTC) all will post their quarterly financial report after the bell.Southwest (LUV) fell 9% after reporting higher oil prices would pinch profit in the future. But American Airlines (AAL) rose 7% following strong earnings Thursday morning.The Dow tumbled more than 600 points on Wednesday, and the Nasdaq lost 4%, its worst one-day percentage drop in more than seven years. 2768
The sudden and abrupt breakdown of the US Postal Service has unfolded in recent days as Democrats call for a funding boost ahead of this year’s presidential election.On Friday, the USPS announced a temporary price increase in some services from Oct. 18 until Dec. 27. The rate hike affects commercial services, as retail services are not affected.Meanwhile, the USPS has been removing mailboxes and processing machines. The machines and mailboxes are being removed across the country, according to local reports from a number of Scripps stations.On Friday, CNN and the Washington Post reported that a number of states have received letters from the Postal Service warning that they might not have the ability to ensure ballots are sent and returned in a timely manner. The warning comes as more Americans are expected to utilize mail-in voting due to the coronavirus pandemic.“The Postal Service is asking election officials and voters to realistically consider how the mail works,” Martha Johnson, a spokeswoman for the USPS, said in a statement to the Washington Post.Despite requesting a mail-in ballot himself for next week’s Florida primary, President Donald Trump has tried to sow doubt in recent weeks over the reliability of mail-in voting, claiming that the process is ripe with fraud. But there has been limited evidence to suggest his fears are founded.With the postal service facing financial troubles due to rising pension costs and decreasing usage, Trump said he would agree to funding the Postal Service, but would need some concessions from Democrats."Sure, if they gave us what we want. And it’s not what I want, it’s what the American people want," Trump said Friday. 1694
The Republican Party announced tonight that President Donald Trump will accept the GOP nomination for president in Jacksonville, Florida. The convention was originally planned for Charlotte, North Carolina.The party could not receive assurances from North Carolina's Democratic governor that a ban on mass gatherings would not be lifted in time for the convention. North Carolina, like a number of other states, have limited mass public gathering during the spread of COVID-19.“We are thrilled to hold @realDonaldTrump 's acceptance of the Republican nomination in the great city of Jacksonville!” GOP chairperson Ronna McDaniel tweeted. “Not only is Florida his home state, it is crucial to victory. We look forward to bringing this great celebration and economic boon to the Sunshine State!”The party said it will still hold a number of convention-related activities in Charlotte."Because the current North Carolina COVID-19 restrictions would not allow for the celebration to occur in Charlotte and Governor [Roy] Cooper would not work with the RNC to offer guidelines, the celebration of the nomination and the economic impact that goes with it must be moved to Jacksonville," the GOP said in a statement.Despite a rise in coronavirus cases in recent weeks in Florida, the state's Republican governor was eager to accept the relocated nomination."Florida is honored to host this special event where we will celebrate the re-nomination of President Donald J. Trump," said Florida Governor Ron DeSantis. "Jacksonville is a great city that will showcase Florida’s energy, facilities, entrepreneurship and commitment to bring together the delegates of the Republican Party at a historic time in our nation’s history." 1726
The US Forest Service hopes families will want to end 2020 with a live tree, preferably one cut from a national forest.Cutting down a Christmas tree is a tradition for many, and a healthy tradition for the forests as smaller trees get thinned out.“By cutting your own tree, you take an active part in managing your national forests,” according to the US Forest Service webpage.Tree hunters should look for an area of tightly-knit, dense trees and pick one from there. This will in turn give the surrounding trees more space to grow, Hillary Santanez, recreation event coordinator with the White River National Forest, explained to KMGH.Thinning the forests in this fashion reduces competition for resources and nutrients so the other trees can grow stronger and healthier, Santanez said. It also helps the trees handle stressful environmental situations, such as drought. In addition, thinning dense forests can help with wildfire mitigation.Families who have a fourth or fifth grader can get a free permit from the Every Kid Outdoors initiative through the US Forest Service. Otherwise, permits to cut down a tree in a national forest run to depending on the park. Permits are required. All permit sales are online for 2020, along with maps, how to select a tree, guidance for cutting it down and safety reminders. Like, dressing for the cold, possibly dark and snowy forest conditions. The different parks have different rules about where a Christmas tree can be cut down from, usually it has to be about 200 feet from roads and campgrounds."You want to make sure that you're not trespassing on private property, so going onto our website and downloading a map is essential so that you can make sure that you're staying on forest land because a lot of the forest land, especially in the Front Range area, is really adjacent to private property, and you have to make sure that you're following the law while you're up there," Pike and San Isabel National Forests and Cimarron and Comanche National Grasslands Public Affairs Officer Crystal Young told KOAA News.There are height and trunk size requirements as well to make sure tree hunters are taking the smaller trees to help thin out forests. Find details on the US Forest Service website. 2258
The UK will expel 23 Russian diplomats from the country after concluding that the Russian state is responsible for the attempted murder of former Russian spy Sergei Skripal and his daughter Yulia in the English city of Salisbury.This will be the single biggest expulsion of Russian diplomats in over 30 years, Prime Minister Theresa May said Wednesday. The 23 concerned, who May said had been identified as undeclared intelligence agents, will have only one week to leave."For those who seek to do us harm, my message is simple. You are not welcome here," she said in a statement to the House of Commons following a meeting of Britain's National Security Council.The expulsion of diplomats will "fundamentally degrade" Russian intelligence capabilities in Britain for years, May said.The Skripals are critically ill in hospital after being exposed to the nerve agent, known as Novichok and developed in Russia, on March 4. Thirty-eight other people in Salisbury were seen by medics after the exposure. One, a police officer, remains hospitalized.May said Monday it was highly likely that Moscow was behind the poisoning. The Russian ambassador to the UK was summoned to the UK Foreign Office to explain whether the attack was directed by Russian authorities, or whether Moscow had lost control of the nerve agent.She demanded that Moscow respond by midnight Tuesday, London time, to the UK government's conclusion that Russia was linked to the poisoning of Sergei Skripal and his daughter Yulia on a park bench in Salisbury in southern England.But Moscow -- which has repeatedly dismissed any accusations of involvement in the attack -- ignored the deadline. 1672