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News Wrap: Market plunge wipes out 2018 financial gains

Wednesday in our news wrap, the Dow Jones Industrial Average went down 608 points, wiping out 2018 gains. Also, Saudi Crown Prince Mohammed bin Salman, speaking for the first time since Saudi Arabia admitted a role in killing Jamal Khashoggi, declared it a “heinous crime” and promised justice at an investment conference in Riyadh.

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  • Judy Woodruff:

    In the day's other news, a new stock market sell-off wiped out most of Wall Street's gains this year.

    The Dow Jones industrial average lost 608 points today to close at 24583. That's below where it was on January 1. The Nasdaq fell 329 points, and is down 10 percent from its peak, what Wall Street calls a correction. And the S&P 500 gave up 84 points. It, too, is now negative for the year.

    Analysts are blaming jitters over future corporate profits.

    Saudi Arabia's crown prince declared today that the murder of journalist Jamal Khashoggi was a heinous crime, and he promised justice.

    Mohammed bin Salman addressed an investment conference in Riyadh. It was his first statement since the Saudis acknowledged that Khashoggi was killed at their consulate in Istanbul, Turkey. And suspicions have been raised that the prince might have known about the plot.

  • Mohammed bin Salman (through translator):

    We know that many are trying to use this painful thing to drive a wedge between Saudi Arabia and Turkey. This wedge will not happen. And we will prove to the world that the two governments are cooperating to see that all perpetrators are taken to court and justice will be seen in the end.

  • Judy Woodruff:

    Meanwhile, President Trump told The Wall Street Journal that the prince, not his father, the king, is largely running Saudi Arabia, so he bears ultimate responsibility.

    And Turkey's President Erdogan vowed that his government will not allow a cover-up.

    Russia's President Vladimir Putin today warned European nations against accepting U.S. medium-range missiles. That is after President Trump threatened to pull out of a 1987 treaty that banned the weapons.

    Putin spoke in Moscow, where he met with Italy's prime minister. He said Russia will target countries where any U.S. missiles are deployed.

  • Vladimir Putin (through translator):

    The main question is what they will do with these newly available missiles. If they deliver them to Europe, naturally, our response will have to mirror this. The European countries which agree to this will have to understand that they put their own territory under threat of a possible retaliatory strike. This is obvious.

  • Judy Woodruff:

    Meanwhile, NATO Secretary-General Jens Stoltenberg said the allies agree with U.S. claims that Russia has violated the existing treaty. But Putin charged that it's the U.S. that's guilty of violations.

    The remains of Hurricane Willa dissipated over Northern Mexico today, as emergency workers tried to reach cut-off coastal towns. The storm made landfall last night about 50 miles southeast of Mazatlan, with sustained winds of 120 miles an hour.

    Officials reported the winds damaged a hospital, blew down power lines and tore up houses.

    Back in this country, someone in South Carolina woke up this morning more than $1.5 billion richer. One winning ticket was sold in the town of Simpsonville for last night's Mega Millions lottery jackpot. It's the second largest ever in the U.S. The winner does have yet to come forward.

    And the woman who created the green bean casserole has passed away. Dorcas Reilly worked at Campbell's Soup corporate kitchen, and she came up with the casserole in 1955, made of green beans, cream of mushroom soup and crunchy fried onions. It remains the company's most popular recipe.

    Some of grew up on it.

    Dorcas Reilly was 92 years old.

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