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The US stock market sank deeper into the red following sluggish economic reports on Monday and bad news from a couple of blue-chip giants.The Dow fell 600 points by late afternoon, or 2.6%. The S&P 500 lost 2.6% and retreated to its lowest level of the year. And the Nasdaq joined the Dow & S&P 500 in negative territory for 2018. All three indexes have plunged about 7% so far this December.The Dow closed down 507 points for the day.And the Russell 2000 index of small-cap stocks tumbled into a bear market, marking a 20% decline from the record highs notched in late August.A weaker reading from the New York Federal Reserve about manufacturing in the Empire State and a drop in confidence from the nation's homebuilders weighed on the markets."Investors are zeroing in on this idea of slower growth for 2019," said Michael Arone, chief investment strategist at State Street Global Advisors. "More people are worried about a recession in late 2019 or 2020."The political noise in Washington isn't helping either. President Trump, in a tweet Monday morning, repeated his criticism of the Federal Reserve for its recent rate hikes. The Fed meets Wednesday and is widely expected to raise rates again.But Trump tweeted that "it is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!"The Fed is supposed to be politically independent. Any evidence that it might be swayed by attacks from Trump could unnerve the markets."If the Fed doesn't raise rates it will look like it's succumbing to the bullying of Trump's tweets," Arone said.But Nancy Perez, managing director at Boston Private, said the Fed is likely to slow down its pace of rate hikes in 2019 simply because the economy is slowing, not because of pressure from Trump.Perez added that the recent market turmoil is justified because investors are readjusting to this fact."We have been getting a bump in profit margins due to lower taxes but the earnings growth itself is not sustainable," Perez said. "Projections will come down and volatility will continue." 2247
The White House physician assigned to Vice President Mike Pence, Jennifer Pena, has resigned, his office told CNN in a statement Friday. Pena worked in the White House medical unit."The vice president's office was informed today by the White House Medical Unit of the resignation. Physicians assigned to the vice president report to the White House Medical Unit and thus any resignation would go entirely through the Medical Unit, not the vice president's office," Alyssa Farah, Pence's press secretary, said in a statement to CNN.This comes after CNN reported Tuesday that a Pence doctor privately raised alarms within the White House last fall that President Donald Trump's doctor Ronny Jackson may have violated federal privacy protections for a key patient -- Pence's wife, Karen -- and intimidated the vice president's doctor during angry confrontations over the episode. 890
The state of Massachusetts has ordered that children 6 months of age or older must obtain a flu vaccine by the end of December to attend any daycare, school or college in the state starting in January.The August 20 announcement was met with protest on Sunday. Hundreds held a protest in Boston, demanding the state rescind the order."They are forcing to inject something into our child and we don't agree with it,” protester Mike Megna told WBZ."I've been really stressed out about it. I am thinking of having home schooling until this gets reversed, but I am not going to let them pressure me to get the flu shot,” Jennifer Cordy also told WBZ. Cordy is the mother of 10-year-old student Xavier Cordy.But officials say that the flu vaccine is an important way for public health officials to reduce hospitalizations and deaths, even though the vaccine won’t provide protection from the coronavirus.“Every year, thousands of people of all ages are affected by influenza, leading to many hospitalizations and deaths,” said Dr. Larry Madoff, a medical director with the state's Department of Public Health. “It is more important now than ever to get a flu vaccine because flu symptoms are very similar to those of COVID-19 and preventing the flu will save lives and preserve healthcare resources.”The state is providing exemptions for medical or religious based reasons. Massachusetts is also exempting K-12 homeschoolers as well as college students who are fully off campus and do not attend in-person classes. There is not an exemption for K-12 students who are partaking in virtual learning through their school. 1620
The United States Air Force swore-in its first Black chief of staff on Thursday.Air Force Secretary Barbara Barrett administered the oath of office to Gen. Charles Q. Brown during a ceremony at Joint Base Andrews, Maryland.“This is a very historic day for our nation, and I do not take this moment lightly,” Brown said at the ceremony. “Today's possible due to the perseverance of those who went before me, serving as an inspiration to me and so many others." 467
The Trump administration issued an order on Friday that will attempt to ban Americans from downloading Chinese-owned social media apps TikTok and WeChat beginning Sunday.The order issued by Commerce Department Sec. Wilbur Ross, requires companies like Apple and Google to remove the apps from their online stores by Sunday. It also orders that all U.S. companies cease working with WeChat to transfer funds or process payments in the app.It's currently unclear if Apple and Google will choose to comply with the Commerce Department's order or if they will choose to file a lawsuit to keep the apps in their stores.“Today’s actions prove once again that President Trump will do everything in his power to guarantee our national security and protect Americans from the threats of the Chinese Communist Party," Ross said in a statement. “At the President’s direction, we have taken significant action to combat China’s malicious collection of American citizens’ personal data, while promoting our national values, democratic rules-based norms, and aggressive enforcement of U.S. laws and regulations.”There will be no penalty for those who have already downloaded the app and continue to use it to communicate. However, the order says that messaging on the apps "could be directly or indirectly impaired” by the order.In the case of TikTok, the order stipulates that its parent company, ByteDance, has until Nov. 12 to "resolve" its national security concerns. ByteDance has been in talks to sell its American business with U.S. software company Oracle.Privacy experts have raised concerns about both Chinese-owned apps, saying Americans' personal information could fall into the hands of the Chinese government. In August, Trump signed an order that set a Sept. 20 deadline for the sale of TikTok's U.S. business."Each collects vast swaths of data from users, including network activity, location data, and browsing and search histories," the Commerce Department's order reads. "Each is an active participant in China’s civil-military fusion and is subject to mandatory cooperation with the intelligence services of the CCP. This combination results in the use of WeChat and TikTok creating unacceptable risks to our national security." 2242