Markets plunge with S&P 500 down 6% and Dow down 2,200 after China retaliates against Trump tariffs
NEW YORK (AP) — Wall Street’s worst crisis since COVID slammed into a higher gear. The S&P 500 plummeted 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8%. The losses came after China matched President Donald Trump’s big raise in tariffs announced earlier this week. Not even a better-than-expected report on the U.S. job market was enough to stop worries about the escalating trade war possibly causing a recession. The head of the Federal Reserve also warned about how tariffs can push up on inflation. The price of oil slid to its lowest level since 2021.
As stock market continues plummeting over tariffs, Trump spends the day at his golf course
WEST PALM BEACH, Fla. (AP) — President Donald Trump says his trade policies will never change despite sending the global economy into a tailspin by announcing tariffs on foreign imports. He's spending the weekend at his private clubs in Florida. He woke up on Friday morning at Mar-a-Lago and headed to his nearby golf course after writing on social media that this is a great time to get rich. He waved to supporters as he arrived. The Republican president is not expected to appear publicly, although he’s scheduled to attend a candlelit dinner for MAGA Inc., an allied political organization.
Think twice before bailing out of the stock market, financial advisers say
NEW YORK (AP) — The huge swings rocking Wall Street and the global economy may feel far from normal. But, for investing at least, drops of this size have happened often throughout history. Stomaching them is the price investors have had to pay in order to get the bigger returns that stocks can offer over other investments in the long term. Here’s a glimpse at what’s been behind the market’s wild moves and what experts are advising investors young and old to consider.
Trump abruptly fires the 4-star general who headed the National Security Agency
WASHINGTON (AP) — U.S. officials and members of Congress say President Donald Trump has abruptly fired the director of the National Security Agency. The White House and the Pentagon have provided no reasons for the action. Officials say senior military leaders were informed Thursday of the firing of Air Force Gen. Tim Haugh, who also oversaw the Pentagon’s Cyber Command. The officials say they received no advance notice about the decision to remove a four-star general with a 33-year career in intelligence and cyber operations. The move has triggered sharp criticism from members of Congress and marks the latest dismissal of national security officials by the Republican president. It's unclear who's now in charge of the NSA and the Cyber Command.
Retirees keep their eyes on the economy as Trump's tariffs roil financial markets
KANSAS CITY, Mo. (AP) — With financial markets roiling as President Donald Trump unveiled his latest tariffs this week, the economy has been top of mind for many retirees. Seventy-seven-year-old Don Herneisen of Pennsylvania says retirees like him do not like uncertainty. Stock markets worldwide careened even lower Friday after China matched Trump’s big raise in tariffs in an escalating trade war. The sweeping new tariffs are also expected to increase prices for everyday items. Florida portfolio manager Chad NeSmith says he's been fielding many calls from clients in recent days. He says retirees generally have a little bit less risk in their portfolios and bonds have been performing well in the volatility.
The US must return a Maryland man mistakenly deported to an El Salvador prison, a judge says
GREENBELT, Md. (AP) — A federal judge has ordered the Trump administration to arrange for the return of a Maryland man to the United States after he was mistakenly deported to a notorious El Salvador prison. U.S. immigration officials admitted to erroneously expelling 29-year-old Kilmar Abrego Garcia last month. A 2019 court order barred him from being deported to his native El Salvador, where he faced persecution by local gangs. The White House has argued that he was an MS-13 gang member and shouldn’t be returned. Abrego Garcia’s attorneys have said there is no evidence he was in MS-13. The judge issued the order Friday in response to a request from the attorneys.
US has twice as many measles cases so far this year than in all of 2024
The U.S. now has more than doubled the total number of measles cases in 2024. Texas, New Mexico, Ohio, Kansas and Oklahoma all have active measles outbreaks. Two unvaccinated people have died from measles-related causes. Measles is caused by a highly contagious virus that’s airborne and spreads easily when an infected person breathes, sneezes or coughs. It is preventable through vaccines, and has been considered eliminated from the U.S. since 2000. Measles cases also have been reported in Alaska, California, Colorado, Florida, Georgia, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, Pennsylvania, Rhode Island, Tennessee, Vermont and Washington.
Maya Angelou memoir, Holocaust book are among those pulled from Naval Academy library in DEI purge
WASHINGTON (AP) — Books on the Holocaust, histories of feminism, civil rights and racism, and Maya Angelou’s famous autobiography, “I Know Why the Caged Bird Sings,” were among the nearly 400 volumes removed from the U.S. Naval Academy’s library this week. It came after Defense Secretary Pete Hegseth’s office ordered the school to get rid of books that promote diversity, equity and inclusion. The Navy late Friday provided the list of 381 books that have been taken out of its library. The move marks another step in the Trump administration’s far-reaching effort to purge so-called DEI content from federal agencies.
South and Midwest pounded by rains and floods while still reeling from tornadoes
HOPKINSVILLE, Ky. (AP) — Parts of the Midwest and South have been battered by torrential rains and life-threatening flash floods. Friday's fresh storms come as many communities are still reeling from deadly tornadoes that destroyed entire neighborhoods. Kentucky's governor says floodwaters swept away and killed a boy Friday in his state. Forecasters warn of more severe weather on the way, with satellite imagery showing thunderstorms lining up like freight trains. Seven people died in the initial wave of storms Wednesday and early Thursday in Tennessee, Indiana and Missouri. Forecasters say it was the opening act for days of wild weather that could bring flash floods across the nation’s midsection.
Trump administration nixes plan to cover anti-obesity drugs through Medicare
President Donald Trump’s administration has decided not to cover expensive, high-demand obesity treatments under the government-funded Medicare program. The Centers for Medicare and Medicaid Services said late Friday that it would not cover the medications under Medicare’s Part D prescription drug coverage. Medicare covers health care expenses mainly for people age 65 and older. Former President Joe Biden had proposed a rule in late November after Trump won re-election that would have extended coverage of drugs like Zepbound and Wegovy to the program.
