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Stocks in the United States had a wild day of trading as worries about economic growth and the continued slump in oil prices weighed on investors.
Markets had been steadily falling all day on Wednesday but staged a turnaround in the last hour of the trading day. At the close of trading, the benchmark Standard & Poor’s 500-stock index was down about 1 percent, after being off as much as 3.7 percent.
The Dow Jones industrial average, which had been down more than 500 points earlier in the day, fell about 250 points, or 1.5 percent. The tech-heavy Nasdaq was nearly unchanged.
The Dow had been hit hard earlier in the day after IBM, one of the 30 blue-chip stocks in the gauge, reported a drop in its fourth-quarter profit after the markets closed on Tuesday.

It has been a month of heavy selling and globally, more than $3.6 trillion has been lost in January, said Howard Silverblatt, a senior index analyst at S.&P. Dow Jones Indices.
“That’s money taken out, even if it’s on paper,” Mr. Silverblatt said.
Traders will be closely scrutinizing earnings of the S.&P. stocks next week to see how 2016 will go, he added.
“If they don’t come through well, there’s not a lot of support there,” he said.

Interactive Feature | 6 Tips for Investors When the Stock Market Tumbles The impulse when the stock market falls hard for a few days in a row is to do something but it probably doesn’t make much sense to overhaul an investment strategy based on a blip of market activity.

Oil prices continued their monthslong sell-off, with the price of a barrel of crude oil at the lowest level since May 2003. Crude oil futures were down 6.7 percent on Wednesday to settle at $26.55 a barrel in trading on the New York Mercantile Exchange.
On Wednesday, Royal Dutch Shell warned that it expected its profit for the fourth quarter of 2015 to be about half of what it was in the comparable period a year earlier.
In addition, traders see no signs of the oil glut easing as Iran now has permission to sell into the world markets now that sanctions have been lifted as part of a nuclear deal.
The worldwide drop in stocks signaled nervousness among global investors despite a sanguine reaction earlier in the week to …Read More

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Stocks in the United States had a wild day of trading as worries about economic growth and the continued slump in oil prices weighed on investors.
Markets had been steadily falling all day on Wednesday but staged a turnaround in the last hour of the trading day. At the close of trading, the benchmark Standard & Poor’s 500-stock index was down about 1 percent, after being off as much as 3.7 percent.
The Dow Jones industrial average, which had been down more than 500 points earlier in the day, fell about 250 points, or 1.5 percent. The tech-heavy Nasdaq was nearly unchanged.
The Dow had been hit hard earlier in the day after IBM, one of the 30 blue-chip stocks in the gauge, reported a drop in its fourth-quarter profit after the markets closed on Tuesday.

It has been a month of heavy selling and globally, more than $3.6 trillion has been lost in January, said Howard Silverblatt, a senior index analyst at S.&P. Dow Jones Indices.
“That’s money taken out, even if it’s on paper,” Mr. Silverblatt said.
Traders will be closely scrutinizing earnings of the S.&P. stocks next week to see how 2016 will go, he added.
“If they don’t come through well, there’s not a lot of support there,” he said.

Interactive Feature | 6 Tips for Investors When the Stock Market Tumbles The impulse when the stock market falls hard for a few days in a row is to do something but it probably doesn’t make much sense to overhaul an investment strategy based on a blip of market activity.

Oil prices continued their monthslong sell-off, with the price of a barrel of crude oil at the lowest level since May 2003. Crude oil futures were down 6.7 percent on Wednesday to settle at $26.55 a barrel in trading on the New York Mercantile Exchange.
On Wednesday, Royal Dutch Shell warned that it expected its profit for the fourth quarter of 2015 to be about half of what it was in the comparable period a year earlier.
In addition, traders see no signs of the oil glut easing as Iran now has permission to sell into the world markets now that sanctions have been lifted as part of a nuclear deal.
The worldwide drop in stocks signaled nervousness among global investors despite a sanguine reaction earlier in the week to …Read More

Powered by WPeMatico

Stocks in the United States had a wild day of trading as worries about economic growth and the continued slump in oil prices weighed on investors.
Markets had been steadily falling all day on Wednesday but staged a turnaround in the last hour of the trading day. At the close of trading, the benchmark Standard & Poor’s 500-stock index was down about 1 percent, after being off as much as 3.7 percent.
The Dow Jones industrial average, which had been down more than 500 points earlier in the day, fell about 250 points, or 1.5 percent. The tech-heavy Nasdaq was nearly unchanged.
The Dow had been hit hard earlier in the day after IBM, one of the 30 blue-chip stocks in the gauge, reported a drop in its fourth-quarter profit after the markets closed on Tuesday.

It has been a month of heavy selling and globally, more than $3.6 trillion has been lost in January, said Howard Silverblatt, a senior index analyst at S.&P. Dow Jones Indices.
“That’s money taken out, even if it’s on paper,” Mr. Silverblatt said.
Traders will be closely scrutinizing earnings of the S.&P. stocks next week to see how 2016 will go, he added.
“If they don’t come through well, there’s not a lot of support there,” he said.

Interactive Feature | 6 Tips for Investors When the Stock Market Tumbles The impulse when the stock market falls hard for a few days in a row is to do something but it probably doesn’t make much sense to overhaul an investment strategy based on a blip of market activity.

Oil prices continued their monthslong sell-off, with the price of a barrel of crude oil at the lowest level since May 2003. Crude oil futures were down 6.7 percent on Wednesday to settle at $26.55 a barrel in trading on the New York Mercantile Exchange.
On Wednesday, Royal Dutch Shell warned that it expected its profit for the fourth quarter of 2015 to be about half of what it was in the comparable period a year earlier.
In addition, traders see no signs of the oil glut easing as Iran now has permission to sell into the world markets now that sanctions have been lifted as part of a nuclear deal.
The worldwide drop in stocks signaled nervousness among global investors despite a sanguine reaction earlier in the week to …Read More

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Security forces were trading gunfire with Islamist militants who were holding hostages in a hotel in Burkina Faso’s capital on Friday, according to officials and witnesses.
Security forces launched an assault on the hotel early Saturday local time, French ambassador Giles Thibault said on Twitter at around 2 a.m. (9 p.m. Friday ET).

Burkinabe and French soldiers stand near the Splendid Hotel in Ouagadougou, Burkina Faso on January 15, 2016, where suspected Islamist fighters are holding hostages. Reuters
The U.S. Embassy in Ouagadougou said it was closely monitoring an ongoing situation in the city center. Around 11 p.m. (6 p.m. ET), the embassy imposed a curfew for the city, set to last until 6 a.m.The U.S. Defense Department said that all department personnel were accounted for.
Al Qaeda in the Islamic Maghreb (AQIM) claimed responsibility for the attack, SITE Intelligence Group reported. It was not immediately known how many people may have been killed in the attack.

The ultra-hardline group had called in December for Muslims in several countries, including Burkina Faso, to “wake up for Jihad,” said the director of SITE, Rita Katz. “Hitting western hotels follows group’s operational style,” Katz said on Twitter, adding that
the group attacked the Radisson Blu hotel in Mali’s capital of Bamako in November. Twenty people were killed.
The gunman had stormed the hotel, burned cars outside and fired in the air to scare crowds in the downtown area. Hostages were being held inside the hotel, said a local official. When security arrived, an armed standoff ensued.

Plain-clothed policemen leading people away near the Splendid Hotel, Friday, Jan. 15, 2016, in Ouagadougou, Burkina Faso. The SITE Intelligence Group reports that an al-Qaida affiliate is claiming responsibility for the ongoing siege on an upscale hotel and cafe in Burkina Faso’s capital where an unknown number of hostages are being held. AP Television / AP
“It is continuing at this time. We are trying to know how many attackers they are to better coordinate our actions. Hostages have been taken. The operation could take several hours,” the official said.
Issa Dicko, a finance bureaucrat in the Burkino Faso government, said he was at a restaurant across the street from the hotel and watched the violence unfold.

Dicko told NBC News that he saw at least three attackers who were holding hostages inside of the crowded hotel, while bodies and burning cars littered the street outside. At about 10:30 …Read More

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Chinese stocks gained in volatile trading after the government suspended a controversial circuit breaker system and the central bank moved to stabilize the yuan with its reference rate.

The Shanghai Composite Index rose 2.2 percent at 10:22 a.m. local time after falling as much as 2.2 percent. Regulators announced the circuit breakers would be suspended after plunges this week closed trading early on Monday and Thursday. The central bank set the currency’s reference rate little changed Friday after an eight-day stretch of weaker fixings. The yuan gained 0.1 percent from a five-year low.
“The scrapping of the circuit breaker system will help to stabilize the market, but a sense of panic will remain, particularly among retail investors,” said Li Jingyuan, general manager at Shanghai Bingsheng Asset Management. “The ‘national team’ will probably continue to buy stocks significantly to stabilize the market.”

While China’s high concentration of individual investors makes its stock-market notoriously volatile, the extreme swings this year have revived concerns over the ruling Communist Party’s ability to manage an economy set to grow at the weakest pace since 1990. The selloff has spread around the world this week, sending U.S. equities to their worst-ever start to a year and pushing copper to the lowest levels since 2009.

The Hang Seng China Enterprises Index climbed 1.3 percent from a four-year low, as PetroChina Co. led gains by energy companies, while the Hang Seng Index added 0.9 percent.
China’s decision to suspend a stock circuit breaker makes sense, but the implementation and timing don’t, said Mohamed El-Erian, the chief economic adviser at Allianz SE. China realized that it had very tight limits, which did more harm than good, El-Erian said Thursday in an interview with Scarlet Fu on Bloomberg Television.
“They realized this, which is good news. The bad news is they took it off at a very peculiar time and did so without a whole set of compensating measures,” said El-Erian, who is also a columnist for Bloomberg View.

Investors still face plenty of restrictions in how they trade. Rules limit daily moves by individual stocks to 10 percent, while investors aren’t allowed to buy and sell the same shares in a day. Curbs on trading in what was the world’s most active index futures market have cut volumes by 99 percent from the peak, making it harder to implement …Read More

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China’s trading day was just getting underway Thursday for stockbroker Yang Xu when the markets lurched to a halt 13 minutes after their 9:30 a.m. opening.Shares on the Shanghai Composite index had skidded 5%, prompting China’s new “circuit breaker” system to kick in and halt trading for 15 minutes. When it resumed, the selling only became more furious, and the index quickly dropped another 2 percentage points. Under the circuit breaker rules – which are intended to check large declines — a 7% fall means markets will be shut until the next day.
So after just more than 14 minutes of active dealing, business was over, making Thursday the shortest trading day ever in China. Making matters worse, it was the second time in four days that Chinese markets shuttered early because of price plunges; Monday’s trading day was also curtailed.”People are super-panicked,” said Yang, who works for China Galaxy Securities Co. “This trend won’t halt in a short time. Prices will continue to drop. Breaking the point of 3,000 is only a matter of time.” The Shanghai Composite ended at 3,115.88 on Thursday morning.
“Many people asked me whether bottom-fishing at this moment is a good idea,” Yang added. “I would tell them it’s not wise to do so, because the market will continue to dive. More purchases mean more losses. They should get out of it right away.”If Yang’s clients take his advice and others follow suit, China’s markets – and others around the world – are sure to be in for more white-knuckle days. Although many experts say China’s equity markets are more speculative and less reflective of the “real” economy than in other countries, the rough start to 2016 has only exacerbated worries about China’s weakening economy and whether Chinese policymakers can respond effectively. A move Thursday by China’s central bank to weaken the currency, known as the renminbi or the yuan, by half a percentage point was among the factors weighing down investor sentiment and raising questions about how closely Chinese regulators were coordinating their moves.Adding to concerns were Wednesday’s North Korea nuclear test, sinking oil prices and fears that temporary measures that have prevented large Chinese shareholders from selling big stakes were about to expire.“Obviously it’s been a disco …Read More

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Stocks were pummeled on the first trading day of the year, sending the Dow Jones Industrial Average down as much as 467 points before recouping some of those losses as a selloff in Chinese equities spread amid anxiety over the outlook for global growth.
While the U.S. blue-chip index had almost halved its decline by the end of Monday trading, the Dow still capped its worst start to a year since 2008. Banks and health care shares led the Standard & Poor’s 500 Index to a 1.5 percent slump, and a gauge of global equities posted its worst inaugural session in at least three decades. Emerging-market shares slid the most since August as evidence of slowing manufacturing in China triggered a selloff that halted trading in Shanghai. As riskier assets were shunned, bonds found favor and the yen rallied. Oil ended lower after rising earlier in the session.

“I think the selloff did bring in some bargain hunters at the end of the day,” said Jim McDonald, chief investment strategist at Chicago-based Northern Trust Corp., which oversees $946 billion. “That is somewhat a reflection that the worries in the market were predominately based overseas. If you look at the way the market traded, it didn’t scream fear.”

Investors returning to financial markets after the New Year holiday were greeted with a worldwide selloff sparked by the weak factory data in China, while a report showing the fastest contraction in U.S. manufacturing in six years added to anxiety that slowing growth in Asia’s largest economy may be spreading. A flareup in tensions between Saudi Arabia and Iran increased geopolitical unease, initially igniting gains in crude oil.
Stocks
The MSCI All-Country World Index fell 2.1 percent by 5 p.m. in New York, topping its slide of 1.5 percent at the start of 2001. The S&P 500 dropped to 2,012.66, after the gauge ended 2015 down 0.7 percent.
The S&P 500’s decline, its worst since Dec. 18, constituted its sixth-worst start to a year in data compiled by Bloomberg going back to 1927. The biggest first-day rout was in 1932 when the index sank 6.9 percent, followed by a 2.8 percent slide during the dot-com demise in 2001. In those two instances, the index averaged a full-year loss of 14 percent.

S&P Dow Jones Indices data indicate that the first day of trading has little predictive power for the rest of the year. …Read More

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Jared Fogle was guilty of trading in child pornography and having sex with underage prostitutes

Former Subway pitchman Jared Fogle arrives at the federal courthouse in Indianapolis, Thursday, Nov. 19, 2015. Fogle is due to formally plead guilty and be sentenced on charges of trading child pornography and paying for sex with minors. (AP | Michael Conroy)

INDIANAPOLIS — Former Subway pitchman Jared Fogle was sentenced Thursday to more than 15 years in prison for trading in child pornography and having sex with underage prostitutes, with the judge describing his “perversion and lawlessness” as “extreme.” The judge recommended a prison in Colorado.
Judge Tanya Walton Pratt disregarded prosecutors’ recommendation that Fogle get 12½ years behind bars, opting for a stiffer term of 15 years and eight months in prison. She could have sentenced him to up to 50 years.
In explaining her sentence, the federal judge noted how fortunate Fogle was to land his lucrative deal to be the face of Subway after he lost more than 200 pounds in college, partly by eating the chain’s sandwiches.
“What a gift, to have such a professional windfall fall in your lap,” she said. But Pratt said Fogle blew the chance he’d been given by living a double life and pointed out that the crimes he committed weren’t victimless.
“The level of perversion and lawlessness exhibited by Mr. Fogle is extreme,” Pratt said, who also ordered Fogle to submit to a lifetime of post-prison supervision and pay a $175,000 fine. She recommended that Fogle receive sex offender treatment in prison and said she’ll recommend he serve his time at a federal lockup in Jefferson County that specializes in such treatment.
The prison is formally named Federal Correctional Institution, Englewood; the address of 9595 W. Quincy Ave. is in unincorporated Jefferson County.

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Convicted former Illinois Gov. Rod Blagojevich is also housed there.
Fogle didn’t show any visible reaction when he heard his sentence, but some family members who were in the courtroom began crying and hugging each other after judge ordered Fogle taken into custody.
Before he was sentenced, the 38-year-old father of two addressed the court, apologizing to his victims and his family and vowing to be a better person.
“I so regret that I let so many of you down,” he told the court.
“I want to redeem my life. I want to become a good, decent person. I want to rebuild my life,” he said.
Fogle pleaded guilty …Read More

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There will be 15 Republicans answering questions and trading barbs at the second round of GOP presidential debates Wednesday night, but hanging over the event will be the ghost of one former White House resident, Ronald Reagan.
The debates are being held at the Reagan Library in California and it’s likely the former president’s name will be invoked early and often by the participants.
But the Republican Party is in a different place than it was a quarter century ago. And when you compare self-identified Republicans today to those of 1990, you can only wonder how well Mr. Reagan would do in the 2016 race.

Dann, Caroline (206104031)
Those numbers above come from a July 1990 NBC News/Wall Street Journal poll and the July 2015 NBC/WSJ poll and they indicate how much the party has moved in that time.

Most notably, the “conservative” part of the party has grown from less than half of all Republicans to more than 6 in 10. But the sharp drop in self-described “liberals” is significant as well. The party has clearly moved rightward using these measures.
(In the 1990 poll, 12% of self-described Republicans said they hadn’t “thought much about” where they resided on the ideological spectrum.)
Of course, we can’t say for certain the GOP is “13 points more conservative” than it was in 1990. It could be that the word “conservative” has become a more positive word for a lot of voters in since 1990 so more people choose it to define their views. But it’s hard to write off the changes above to just definitional fluctuations.
The point here is that the Republican revolution that Mr. Reagan spawned has its roots in a different-looking GOP that was more liberal than today’s party. And some of the former president’s positions,
such as his more lenient views immigration and his evolution on abortion, might not be as welcomed with rank and file Republicans in the party’s current form.
The former president still has a hugely prominent place on the modern-day Republican Mount Rushmore. He brought the party to power in Washington and his ability to communicate conservative ideas is a lasting legacy.

But the GOP was a different party when he came to power and the changes he helped usher in pushed the party to evolve. It’s not clear how the Ronald Reagan of the 1980s would do in the 2016 primary race.
This entry passed through the Full-Text RSS service – if this is …Read More

There will be 15 Republicans answering questions and trading barbs at the second round of GOP presidential debates Wednesday night, but hanging over the event will be the ghost of one former White House resident, Ronald Reagan.
The debates are being held at the Reagan Library in California and it’s likely the former president’s name will be invoked early and often by the participants.
But the Republican Party is in a different place than it was a quarter century ago. And when you compare self-identified Republicans today to those of 1990, you can only wonder how well Mr. Reagan would do in the 2016 race.

Dann, Caroline (206104031)
Those numbers above come from a July 1990 NBC News/Wall Street Journal poll and the July 2015 NBC/WSJ poll and they indicate how much the party has moved in that time.

Most notably, the “conservative” part of the party has grown from less than half of all Republicans to more than 6 in 10. But the sharp drop in self-described “liberals” is significant as well. The party has clearly moved rightward using these measures.
(In the 1990 poll, 12% of self-described Republicans said they hadn’t “thought much about” where they resided on the ideological spectrum.)
Of course, we can’t say for certain the GOP is “13 points more conservative” than it was in 1990. It could be that the word “conservative” has become a more positive word for a lot of voters in since 1990 so more people choose it to define their views. But it’s hard to write off the changes above to just definitional fluctuations.
The point here is that the Republican revolution that Mr. Reagan spawned has its roots in a different-looking GOP that was more liberal than today’s party. And some of the former president’s positions,
such as his more lenient views immigration and his evolution on abortion, might not be as welcomed with rank and file Republicans in the party’s current form.
The former president still has a hugely prominent place on the modern-day Republican Mount Rushmore. He brought the party to power in Washington and his ability to communicate conservative ideas is a lasting legacy.

But the GOP was a different party when he came to power and the changes he helped usher in pushed the party to evolve. It’s not clear how the Ronald Reagan of the 1980s would do in the 2016 primary race.
This entry passed through the Full-Text RSS service – if this is …Read More