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The Temple University Board of Trustees decided Friday to rescind the honorary degree it gave to Bill Cosby, one of its most famous alums and a former trustee.In a three-sentence statement, the university said the decision was due to his conviction Thursday on three counts of aggravated indecent assault."In 1991, based on his career achievements, Temple awarded an honorary degree to William Cosby," the statement said. "Yesterday, Dr. Cosby was found guilty by a jury of the felony of aggravated sexual assault. Today the Temple University Board of Trustees has accepted the recommendation of the University to rescind the honorary degree."Cosby graduated from Temple and had been on the Board of Trustees for 32 years until he resigned in 2014 amid accusations that he sexually assaulted dozens of women over decades."I have always been proud of my association with Temple University," Cosby said in a statement released by the university at the time. "I have always wanted to do what would be in the best interests of the university and its students. As a result, I have tendered my resignation from the Temple University Board of Trustees."Through his powerful role at Temple, he met Andrea Constand, who worked for the university's women's basketball team. Cosby was found guilty of drugging and assaulting Constand at his home outside Philadelphia in January 2004.The-CNN-Wire 1392

The United States has set another record for new coronavirus cases. More than 50,000 new cases were reported Wednesday, a single day record.For comparison, it took over two months to record that number of cases nationwide when the pandemic started.New cases have increased in at least 37 states over the past week. But Dr. Anthony Fauci says it's not too late to turn the surge around."It does not have to be 100,000 cases a day,” said Dr. Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases. “I used that number because I wanted to jolt people. If you leave the virus to its own devices, it will take off on you."The stark numbers have prompted state officials to issue warnings about gatherings for the Fourth of July weekend. Doctors say it could be a “perfect storm” for another spike.The mayor of Houston fears hospitals could reach capacity by mid-July if people don't help change the trajectory."Unless the behavior changes and people will engage in social distancing and wearing their masks and proper hygiene, there could reach a point where they are really at their limit," said Mayor Sylvester Turner. 1153

The US Treasury Department is sanctioning Turkey's ministers of justice and interior in response to the detention of American pastor Andrew Brunson, White House press secretary Sarah Sanders said Wednesday."We've seen no evidence that Pastor Brunson has done anything wrong," Sanders said, calling Brunson's detention "unfair and unjust."The two ministers will have any assets and properties under US jurisdiction blocked and US persons will be prohibited from engaging in financial transactions with the ministers. 523

The stock market is on the comeback trail.After another wobbly session, the Dow soared 287 points, or 1.2%, on Friday. It was the index's best day since August.The Dow had soared 400 points at the open before giving up most of those gains and then resuming its rally. The Dow lost 1,378 points over Wednesday and Thursday.The broader S&P 500 jumped 1.4% on Friday. The Nasdaq, which has taken the brunt of the recent stock market turbulence, spiked 2.3%.Despite Friday's rebound, all three major indexes suffered their worst weeks since March. And the S&P 500 is down three straight weeks. That hasn't happened since the Brexit referendum of June 2016.Investing experts weren't exactly sure what turned stocks negative by midday. The driving forces behind this week's downturn -- trade war and interest rate fears -- were around before this week, and yet market volatility is spiking."The sellers have control right now," said Justin Walters, co-founder of Bespoke Investment Group. "The scariest sell-offs are the ones you can't tie to a specific reason."Stocks had turned sharply south over the past week because investors are concerned about rising interest rates. As the Federal Reserve raises rates to keep the economy from overheating, investors have been getting out of bonds, driving down their price and driving up their yields. Suddenly, the return on bonds has become competitive with some stocks — particularly risky tech stocks.Rising interest rates also increase borrowing costs for households and businesses, eating into corporate profits."What we are seeing now is changing sands. The ground isn't stable and people are figuring out where to go next," said JJ Kinahan, chief market strategist with TD Ameritrade.Tech stocks have come under fire because they are some of the riskiest and most expensive parts of the market. Investors fear that tech companies may not hold up well in a downturn, particularly as interest rates spike. A proxy for the tech sector had its sharpest plunge in seven years on Wednesday.But Big Tech on Friday regained some of its losses. Facebook (FB), Apple (AAPL), Amazon (AMZN), Netflix (NFLX) and Google (GOOGL) were all up.Asian and European markets also came back Friday. The Hang Seng soared 2.2%. Stocks in Shanghai rose 0.9% and the Nikkei rose 0.5%. Stocks in London, Germany and France all rose about a half percentage point.Markets had bounced back Friday morning following news that President Donald Trump plans to meet next month with Chinese leader Xi Jinping at the G-20 summit. That eased some of the investors' fears about another trade war escalation. China also reported its exports rose nearly 15% in September, stronger than expected. That suggests China is weathering the first waves of new tariffs that the Trump administration imposed on billion of Chinese exports this summer.But Kinahan is still worried about US-China trade talks. He thinks that a deal is key in order for the markets to get back on track, adding that a full-blown trade war could undo much of the positives from the Trump administration's pro-business policies."The concern is that if nobody blinks, it could negate all the tax cuts we had," he said.Earnings season also kicked off Friday morning, with JPMorgan (JPM) and Citigroup (C) reporting their quarterly finances before the bell. Wall Street analysts expected the financial sector to post another incredibly profitable quarter — and JPMorgan managed to?beat their already lofty expectations.In times of market turbulence, there's nothing like soaring profits to calm investors' nerves.Rebounds after disastrous market selloffs are common. Investors who think the market may be oversold look to buy stocks they think are suddenly cheap.But markets are fickle. 3804

The U.S. Postal Service agreed Wednesday to reverse changes that slowed mail service nationwide, settling a lawsuit filed by Montana Gov. Steve Bullock during a pandemic that is expected to force many more people to vote by mail.The lawsuit filed against Postmaster General Louis DeJoy and the U.S. Postal Service on Sept. 9 argued changes implemented in June harmed access to mail services in Montana, resulting in delayed delivery of medical prescriptions, payments, and job applications, and impeding the ability of Montana residents to vote by mail.The postal service agreed to reverse all changes, which included reduced retail hours, removal of collection boxes and mail sorting machines, closure or consolidation of mail processing facilities, restriction of late or extra trips for timely mail delivery, and banning or restricting overtime.The agreement also requires the Postal Service to prioritize election mail.The settlement agreement was reached a day ahead of a hearing in the U.S. District Court in Great Falls. It applies to all states.“Montanans never gave up this fight and as a result, we are ensuring stability through and beyond the election by immediately restoring the mail services folks rely on, whether it’s receiving vital medication or ensuring they can pay their bills on time,” Bullock said in a statement.A spokesperson for the U.S. Postal Service did not immediately respond to an email seeking comment.Many more voters are expected to vote by mail this November to limit the spread of the COVID-19 pandemic. The majority of Montana counties are holding elections by mail, after a directive by Bullock permitted them to do so to limit the spread of the coronavirus. Bullock is running for a seat in the U.S. Senate.The agreement comes after a federal judge temporarily blocked the controversial Postal Service changes on Sept. 17, calling the changes “a politically motivated attack on the efficiency of the Postal Service” before the November election.Judge Stanley Bastian in Yakima, Washington, issued the nationwide preliminary injunction sought by 14 states that brought forward a separate suit against the Trump administration and the U.S. Postal Service. The 14 states, led by Democratic attorneys general, expressed concern that delays might result in voters not receiving ballots or registration forms in time.Following a national uproar last month, DeJoy, a major donor to President Donald Trump and the GOP, announced he was suspending some of the changes, including the removal of mail collection boxes, but other changes remained in place.___This story has been corrected to accurately spell the name of Louis DeJoy.___Samuels is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues. 2906

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