In our news wrap Thursday, a market plunge reverberated across the globe after yesterday’s selloff, and Wall Street suffered another day of declines. The Dow Jones Industrial Average plummeted 546 points. Also, the search for Indonesia’s tsunami victims was extended through Friday, as crews look for bodies. Thousands are still missing.
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In the day's other news, a stock market sell-off rippled around the globe. And Wall Street took heavy losses again.
The Dow Jones industrial average plummeted 546 points to close at 25052. It is down more than 1,000 points in the last two days, the biggest percentage drop since February. The Nasdaq fell 93, and the S&P 500 last 57 to its lowest close in three months.
Rising interest rates are helping to drive the sell-off today. President Trump charged again that the Federal Reserve is raising rates too quickly.
President c I think the Fed is out of control. I think what they're doing is wrong. I think the Fed is far too stringent, and they're making a mistake. And it's not right. And it's — despite that, we're doing very well, but it's not necessary, in my opinion. And I think I know about it better than they do.
When asked, however, Mr. Trump said he doesn't intend to fire Jerome Powell, the Fed chairman.
In Indonesia, the search for earthquake and tsunami victims has now been extended through tomorrow. Rescue crews on Sulawesi are still looking for bodies, with thousands of people missing. The confirmed death toll has reached 2,073. The National Disaster Agency said today that it could take two years for the area to recover.
A U.S. astronaut and a Russian cosmonaut are safe after their booster rocket failed during a lunch today. They blasted off from Kazakhstan bound for the International Space station. But minutes later, they wrenched free of the malfunctioning rocket. Officials with NASA said the Russian spacecraft help the men survive the harrowing fall.
They Soyuz is a robust, redundant, reliable machine. It has a lot of flights under its belt. And in this case, where it had an ascent anomaly, it has a great aboard system that brought our crew home safely. So it just underscores to me that it's a good system, it's a reliable system.
In response, the Russians suspended all manned flights while an investigation proceeds. Since the U.S. retired the space shuttles, Russian rockets are the only way humans can reach the space station.
An American graduate student detained in Israel appeared in court today. Lara Alqasem has been held since arriving Ben-Gurion Airport in Tel Aviv last week. She faces deportation for allegedly supporting a boycott of Israel. The Israelis say she's free to leave the country. There's no indication when the court will rule on her appeal.
Back in this country, the Washington State Supreme Court unanimously struck down the state death penalty law. The court ruled that the law has been used arbitrarily and in a way that discriminates against minorities. Washington has had a moratorium on executions since 2014. It is now the 20th state to eliminate the death penalty.
Prosecutors in New York today dropped part of the sexual assault case against former movie producer Harvey Weinstein. Lucia Evans was one of the first to accuse Weinstein the year ago. Prosecutors say that a police detective may have suppressed information that undercut her claim.
Weinstein heard the announcement today in a Manhattan court. Afterwards, lawyers had decidedly different takes.
We're pleased with this development. The case is not over, but I think it is permanently and irreparably damaged. We will seek to dismiss the indictment, all of the counts.
The prosecution's decision to abandon my client's claim doesn't invalidate the truth of her claim. The case against Harvey Weinstein is far from over, and we expect the DA to move forward with the other cases.
Weinstein still faces criminal charges involving two women. Nearly 70 others have come forward to make similar accusations. The case helped spark the MeToo movement.
Social Security beneficiaries will see a boost in their annual cost of living adjustment, or COLA, next year. The program announced today an increase of 2.8 percent to help keep pace with inflation. That works out to about $39 a month for the average retired worker.