Stocks tumble, investors dash for cash amid recession fears
NEW YORK — Stocks tumbled more than 5% on Wall Street Wednesday, and the Dow erased virtually all its gains since President Donald Trump’s 2017 inauguration. Even prices for investments seen as safe during downturns fell as the coronavirus outbreak chokes the economy and investors rush to raise cash.
Markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge the rising likelihood that the pandemic will cause a recession. The typical day this month has seen the stock market swing up or down by 4.9%. Over the last decade, it was just 0.4%.
It was just a day before that the Dow surged more than 5% after Trump promised massive aid to the economy, but the number of infections keeps climbing, and the Dow erased all but 0.4% of its gain since Trump’s inauguration. The S&P 500, which dictates how 401(k) accounts perform much more than the Dow, is down 29.2% from its record set last month, though it’s still up 12.1% since Election Day 2016.
The S&P 500’s slide was so sharp that trading was halted for 15 minutes Wednesday. The index ended the day down 5.2% after earlier being down as much as 9.8%.
Delta Air Lines said Wednesday it’s parking at least half its planes to catch up with a plummeting drop in travel. Detroit’s big three automakers have agreed to close their North American factories to protect workers. And at the New York Stock Exchange, all trading will go electronic after the trading floor begins a temporary closure Monday.
Endangered gray wolf population on the rise in southwest US
THE EDGE OF THE GILA WILDERNESS, N.M. — A voice interrupted the crackle of the radio at basecamp: “Starting pursuit.”
The rest of the team on the ground was anxious to hear those words after the low-flying helicopter crew had been working all morning to get close to one of the Mexican gray wolves that had been targeted as part of an annual survey of the endangered predators.
For months, crews combed the rugged mountains of the southwestern United States, tracking collared wolves and looking for evidence of new packs to build the most accurate picture possible of just how many wolves are roaming the wild in New Mexico and Arizona.
The results of the painstaking effort were finally released Wednesday, revealing there are more wolves in the wild than at any time since federal wildlife managers initiated efforts to conserve the animals decades ago.
Since the first wolves were released in 1998, the program aimed at re-establishing the species across its historic range has had its share of fits and starts due to illegal shootings, courtroom battles and politics. The challenges are mounting as ranchers and rural residents say the situation for them has become untenable as 2019 marked a record year for livestock kills.
Apollo 15 astronaut Al Worden, who circled moon, dies at 88
CAPE CANAVERAL, Fla. — Apollo 15 astronaut Al Worden, who circled the moon alone in 1971 while his two crewmates test-drove the first lunar rover, died Wednesday at age 88.
Worden died in his sleep at a rehab center in Houston following treatment for an infection, said friend and colleague Tom Kallman.
“Al was an American hero whose achievements in space and on Earth will never be forgotten,” said NASA Administrator Jim Bridenstine in a statement. He also praised Worden for his appearances on “Mister Rogers’ Neighborhood” to explain his moon mission to children.
Worden flew to the moon in 1971 along with David Scott and Jim Irwin. As command module pilot, Worden remained in lunar orbit aboard the Endeavour while Scott and Irwin descended to the surface and tried out NASA’s first moon buggy.
Scott is one of four moonwalkers still alive. Irwin died in 1991.
From wire sources