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Thursday, Apr 26th

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Dow Jones plunges 1,000 points as inflation fears spook investors

Stock Market plunges more than 1000 points

Wall Street was on Thursday heading for its toughest week in more than two years after fears of higher interest rates led to a fresh plunge in New York stocks.

Another day of wild swings in the financial markets saw more than 1,000 points wiped off the Dow Jones industrial average – a loss for the day of over 4%. It was the third drop of more than 500 points for the Dow in the last five days and the Dow is now down 10% from its peak on 26 January, a fall known as a “correction”.

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U.S. Stocks Plummet, Erasing Gains for the Year

US stocks plummetU.S. stocks plunged, sending the Dow Jones Industrial Average down almost 1,600 points, as major averages erased gains for the year. Treasuries rallied and gold rose on haven demand.

Equity selling accelerated shortly after 3 p.m. in New York, with the Dow sinking more than 800 points in a matter of 10 minutes only to snap back 10 minutes later. The index remained lower by 4 percent, or 1,000 points -- its steepest drop since Aug. 24, 2015. The S&P 500 Index traced a similar trajectory, though its decline stood at 3 percent. Both are now lower for the year. The Cboe Volatility Index more than doubled to its highest level in 2 1/2 years.

TVNL Comment:  This was the biggest single day loss ever.  Trump took credit for the rise, so let's all thank him for the loss.  Or, we can wait for him to blame Hillary....

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Dow plummets 665 points, capping worst week in 2 years

Stock Market

U.S. stocks fell sharply on Friday after a stronger-than-expected jobs report sent interest rates higher.

The Dow Jones industrial average dropped 665.75 points to close at 25,520.96, capping off the index's sixth-largest points decline ever. The 30-stock index also fell below 26,000. Friday also marked the first time since June 2016 that the Dow fell at least 500 points.

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World’s Wealthiest Billionaires Got Nearly $1 Trillion Richer In 2017: Bloomberg

money goes to moneyThe rich aren’t just getting richer — they’re getting much, much richer.

Citing its Billionaires Index, Bloomberg reported Wednesday that the world’s 500 wealthiest people became almost $1 trillion richer ― that’s $1,000,000,000,000 ― in 2017, thanks largely to booming stock markets. For comparison, that’s over four times as much wealth as they gained last year.

Amazon founder Jeff Bezos, the world’s richest person, saw the biggest gain in wealth in 2017. He added $34.2 billion to his net worth, which now totals $100 billion.

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The GOP tax plan could negatively affect your Social Security benefits

Tax reform? No, tax CUTS for the wealthy!Without a guaranteed monthly stipend, the number of seniors living below the federal poverty level could well rise by millions. In fact, the Social Security Administration (SSA) reports that 34% of elderly Americans receiving benefits relies on Social Security for 90% or more of their monthly income. Stats like these are why Social Security is so important, and why current and future retirees are eager to see this critical program protected.

But this "financial rock" is primed to face some serious obstacles in the years to come. The most recent annual report from the Social Security Board of Trustees estimates that it'll begin paying out more in benefits than it's collecting in revenue by 2022. Just 12 years later, in 2034, its approximately $3 trillion in asset reserves will be completely depleted. To continue making monthly payments through 2091, the Trustees believe an across-the-board cut to benefits of up to 23% may be needed.

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Study: ‘Buy America’ rules raising costs for US transit systems

Buy America increases prices of mass transitFederal requirements to buy American-made products may be forcing some U.S. transit systems to spend more money, according to a new study from a center-right think tank.

The American Action Forum (AAF) released research Friday that found “Buy America” rules for Federal Transit Administration (FTA) grants could be raising procurement costs in some areas.

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Fed hikes interest rates, signals two more increases for 2017

Interrest rates increaseThe Federal Reserve’s top policymaking body on Wednesday pulled the trigger on another increase in interest rates, the first since Donald Trump became president, and signaled there will be two more hikes this year.

The Federal Open Market Committee, which sets the key borrowing rate that affects interest payments on everything from mortgages to savings accounts, raised rates one-quarter of a percentage point. Still, the FOMC emphasized that it plans to nudge up interest rates gradually. The key rate now stands at between 3/4 of a percent and 1 percent.

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