Tag Archives: United States

Stock Market Rebound Falls Short; Down Over 500 Points

The attempted rally in the stock market after opening 1,100 points lower eventually ran out of steam and led to a loss of over 500 points.

The Dow Jones Industrial Average (DJIA) closed the day 588.47 points lower, or a 3.6% decline, to finish at 15871.28.  The S&P 500 fell 77.68 points, or 3.9%, ending at 1893.21.  The Nasdaq Composite fell 179.79 points, down 3.8%, to 4526.25.

The Dow at one point rallied more than 800 points after the largest one-day decline during intraday trading but ran out of steam at the end of the session.  Mutual funds and hedge funds began to scoop up cheap stocks that led to the initial rally and moderation of market bounce-back.

“When a big selloff comes, it tends to be herd mentality,” said Ryan Larson, head of U.S. equity trading for RBC Global Asset Management, told the Wall Street Journal. “But once that herd gets out of the way, there can be some very good buying opportunities.”

One investment advisor tried to downplay the significance of the fall by saying the U.S. economy is strong.

“Stock prices have dropped sharply and fears have increased sharply,” said Kate Warne, investment strategist at Edward Jones. “But it’s really important to keep in mind while stock prices have changed and obviously emotions have changed, fundamentals for the U.S. haven’t changed. Even with China selling sharply and emerging markets selling off, we’re still seeing solid U.S. economic growth.”

Although one market advisor says fear is now in control.

“Fear has taken over. The market topped out last week,” said Adam Sarhan, CEO of Sarhan Capital, told CNBC. “We saw important technical levels break last week. Huge shift in investor psychology.”

The markets were heavily impacted by China’s massive 8.5% decline which sent the market into negative territory for the year.  Other world markets were rocked by the action:  Japan’s Nikkei fell 4.6%, the pan-European Stoxx Europe 600 fell 5.3%, Germany’s DAX fell 4.7% and is now 20% below an April peak.

The Dow had entered what is considered a market correction on Friday, falling 10 percent from a recent peak.

The stock that drew the biggest attention at the market opening today, Apple, rallied from falling below $100 a share to finish at $103.07, just over $2.00 a share lower from Friday’s close.

Georgia Football Team Helps 5-Year-Old With Rare Brain Disorder Obtain Dream

A five-year-old boy from Georgia was told by doctors that he would never be able to play football because of a very rare brain disorder.

Ben Holloway was diagnosed with brain dural arteriovenous fistual (BDAF) last year.

“Last spring, my wife was telling me that Ben’s eye looked like it was bulging, and though I didn’t think much of it, she was very persistent,” his dad, Joshua Holloway, told ABCNews. “We brought him to a pediatrician after a few days, and he knew something was wrong.”

The doctors immediately rushed Ben to the ER where a CT scan confirmed the BDAF diagnosis.  BDAF is a condition where there is an abnormal connection between blood vessels inside and outside the the brain’s fibrous covering, or dura.

“You can have side effects and devastating problems such as bleeding in the brain, which can lead to stroke, and other problems such as swelling in eyes that can cause vision loss,” Dr. Nicholas Bambakidis said. “In children, these fistulas seem to form spontaneously, whereas adults usually acquire them from trauma such as gunshot wounds.”

Ben had to undergo surgeries to deal with the problems associated with BDAF including an abnormal tangle of blood vessels that brought excess blood the size of a golf ball into his head.  Doctors gave him a 50/50 chance of a stroke and even 20 percent chance of dying during surgery.

A week before a third surgery, the players and coaches of Murray County High School heard about Ben, his love of football and how doctors said he could never play the game.

And they decided to prove the doctors wrong.

Ben was invited to a scrimmage game where he was surprised with his own uniform and equipment including shoulder pads and a helmet.  He was told to suit up and be ready when his number was called.

In the first half of the game, the offense called on Ben to be the running back in a “shotgun draw.”  The quarterback took the snap and handed it to Ben who then ran it in for a touchdown with the entire team cheering him on.

Video of the event has gone viral.

“He was like a kid at Christmas time,” Joshua Holloway said. “It was like Christmas morning for him — it really was.”

“We still watch the video every night,” he added.

Ben had a third surgery the following week that was so successful he may not have to undergo a fourth surgery.

A GoFundMe page has been set up to help the family’s unexpected medical costs.

U.S. Stocks Attempting to Rally after 1,100 Point Plunge

U.S. stock markets are attempting to rally after a massive 1,100 point plunge at the opening of today’s market attributed to the crashing of the Chinese stock market.

After opening to the biggest one day loss in the history of the economy, investors are starting to buy back in an attempt to save the market.  As of noon central time, the Dow has rallied back to 16,325.00, a drop of 134.55 points, or a 0.81% decline.

The massive drop at the opening was attributed to the sell-off in China that has crashed their stock market.  The Shanghai Composite Index fell 8.5 percent, the worst one day fall since October 2007.

The drop was so significant that the official Chinese news agency used the term “Black Monday.”

The drop in China is causing significant amounts of civil disorder.  Millionaires who flew into Shanghai over the weekend for meetings were attacked by crowds as they tried to leave their hotel.  The head of an exchange that trades in metals was captured by angry investors and brought to police as they demanded their money be unfrozen.  Police later released him without charge.

“China is definitely the No. 1 cause for concern globally and Europe is not far behind,” Peter Kenny, chief market strategist at Clearpool Group, told fox Business. “The speed at which this market has moved sharply lower is an indication panic is driving all investment decisions. If you haven’t positioned yourself for volatility and seasonal weakness, you’re behind the 8 ball.”

The selloff in America was driven in the tech sector.  Facebook fell 7% at the opening, Twitter, NetFlix and clean car maker Tesla Motors all tumbled at the start.  Many are rallying through the day.

Oil Prices Hit 6 1/2 Year Lows

Oil prices opened today by falling 6 percent to a 6 1/2 year low as markets worried about a Chinese-led global economic slowdown.

The markets were already steadily falling due to a season of plentiful oil supply.  However, one oil market analyst said the common forces of supply and demand are not causing the problems within the oil market prices.

“Today’s falls are not about oil market fundamentals. It’s all about China,” Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt, told the Reuters Global Oil Forum. “The fear is of a hard landing and that things get out of the control of the Chinese authorities.”

West Texas Intermediate crude oil fell below $39 a barrel early Monday, a level that had not been reached since 2009.  The market had closed on Friday at $40.29.  In June 2014, oil was hovering around $100 a barrel.

The prices could fall significantly further if the Iranian nuclear deal between the Obama Administration and Iran is approved. The lifting of restrictions because of the deal would have Iranian oil flooding into the world market supply.  Iranian officials said they would be aiming to raise production.

“We will be raising our oil production at any cost and we have no other alternative,” Iranian Oil Minister Bijan Zanganeh said. “If Iran’s oil production hike is not done promptly, we will be losing our market share permanently.”

The company that tracks gasoline prices for AAA reports that gas prices at the pump for Americans will likely fall below $2 after averaging around $3.40 a year ago.

WND: Harbinger Man: ‘The time is now to prepare’

Author and Bible teacher Jonathan Cahn says he has been so swamped with questions and concerns about the looming end of the Shemitah year on Sept. 13 that he can’t answer them all.

“We have been deluged with people calling, emailing, asking questions from all over the country, wanting to know what’s happening. So we decided to put out a video,” Cahn told WND via email.

In the message, posted to YouTube, Cahn calls for a period of national prayer and repentance leading up to the pivotal month of September.

He also issued a new warning about a “desecration” that often precedes judgment and is already present in American society. He calls for Christians to prepare for persecution and get ready to stand for God in a coming period of strife that will increasingly be devoid of “gray areas” or middle ground.

Continue reading at WND – Harbinger Man: ‘The time is now to prepare’

Dow Hits Market Correction Status

The U.S. stock market took another tumble on Friday, down more than 2 percent thanks in part to a scare in the oil market that saw price hit milestones. The dip of over 450 points sent the Dow Jones Industrial Average (DJIA) into the area called a “market correction.”

The oil market fell below $40 a barrel in trading for the first time since 2009 before rallying to finish at $40.45, down 87 cents on the day. The dip is partially attributed to the problems in China as that nation is the world’s largest energy consumer.

The Dow Jones Industrial Average (DJIA) was down over 470 points in afternoon trading a day after the index finished 358 points lower. The slide on Friday has taken the DJIA more than 10 percent lower than the record high close of 18,312.19 reached on May 19th. This means the Dow is in what is considered a “market correction.”

These are rare happenings with the last one happening in August 2011 when the S&P suffered a 10% correction. In that correction, the S&P hit 19.4% before rebounding to current levels which are still 6.3% off its high.

“Right now there is a feeling of fear in the marketplace and all news is interpreted negatively and it’s interpreted indiscriminately,” said Tom Digenan, head of U.S. equities as UBS Global Asset Management, told CNBC.

The Standard and Poor’s index, already in the red for the year, fell another 1.8%. The NASDAQ fell 1.9%.

Tokyo’s Nikkei 225 index plunged nearly 3% and Hong Kong’s Hang Seng index fell 1.9%.
The Shanghai composite index on mainland China dropped over 4%. MarketWatch noted China’s benchmark index is down 32% since June 12.

Tropical Storm Danny Upgraded to Hurricane Status

The first named hurricane of the Atlantic storm season is officially Hurricane Danny.

The storm was upgraded to Hurricane status earlier Thursday by the National Hurricane Center who said that storm is now packing sustained winds of 75 m.p.h., the lowest threshold for a storm to be considered a hurricane.

Forecasters expect Danny to remain a weak hurricane as it continues a westward path.  The storm is expected to hit the Lesser Antilles on Monday morning and then bring heavy rain to Puerto Rico the following day.

It’s too early for forecast models to say if the storm would reach the United States or if the storm will dissipate after making landfall in Puerto Rico.

Hurricane expert Michael Lowry did tell the Weather Channel that the storm was much more solidly organized Thursday than it had been in the previous few days.

Carl Gallups “Do Not Be Ashamed!”

Carl Gallups blessed the Wednesday Night Ready Now Expo Service with wit, knowledge and biblical insights.  Speaking on the events happening in the world today, Pastor Gallups focused on the United States, it’s leadership and the current shying away by the church to discuss God’s Word and His laws. Pastor Gallups cited the recent words from Franklin Graham, “The government is trying to impose a new morality—which is really no morality at all—jamming it down the throats of the American people. America has been blessed by God more than any nation on the face of this earth. When our country was birthed, its foundations and laws were based on biblical laws and principles. We used to be ‘one nation under God,’ now we’re a nation that has turned its back on God. History shows that when nations do this, their end is near.”

Pastor Gallups explained, “There is an antichrist Spirit that permeates the United States.  It begins at the government level and has now invaded our Churches.  We must not be ashamed of the Words of Jesus! “  

Explaining that we as Christians know what the Bible is teaching us, Pastor Gallups reminded the crowd that we know what is right and wrong according to the Word.  We have become afraid to speak out about the coming of Christ, about abortion, about the sanctity of marriage or even to mention Jesus for fear someone will get mad at us for it. “Christians in the Middle East are standing up and dying for their faith in Jesus Christ!  Little Children, thousands of people, whole families not willing to deny HIM! Yet we are afraid to talk about it?”   

“It is time for the church to buck up!  It’s time for the church, pastors, and believers to SPEAK THE WORD!  As it gets darker, we MUST turn up the light!  We must stand up and say I am NOT ashamed of God’s Words!  I am not ashamed of Jesus Christ!”  Pastor Gallups exclaimed.  “Get into HIS Word, you have been raised up for such a time as this!  Do not let the world trample the Word of God!  Get out there and start shining the light!”

Pastor Carl Gallups concluded the evening with:

1 Peter 3:15 “But in your hearts revere Christ as Lord. Always be prepared to give an answer to everyone who asks you to give the reason for the hope that you have. But do this with gentleness and respect.”

Martial Cheaters Exposed by Hackers

Users of the website Ashley Madison, which is designed to allow married people to cheat on their spouses, have been exposed to the world after the release of approximately 9.7 gigabytes of user data.

A group of hackers called “The Impact Team” released millions of usernames, real names and purchase information for users of Ashley Madison and a companion site, Established Men, which allows rich men to find young women.

The hackers focused on a portion of the website called “Full Delete” which for $19 has promised to scrub all user information from the site for those who no longer wished to use it.

In 2014, the “Full Delete” feature netted $1.7mm in revenue for the company that owns both websites, Avid Life Media (ALM).

“[Full Delete is] also a complete lie,” the Impact Team wrote after the hack last month. “Users almost always pay with credit card; their purchase details are not removed as promised, and include real name and address, which is of course the most important information the users want removed.”

“…Too bad for ALM, you promised secrecy but didn’t deliver.”

The hackers then made their next threat.

“Avid Life Media has been instructed to take Ashley Madison and Established Men offline permanently in all forms, or we will release all customer records, including profiles with all the customers’ secret…fantasies and matching credit card transactions, real names and addresses, and employee documents and emails,” the hackers wrote in a statement following the breach.

Brian Krebs, the cybersecurity reporter with the Washington Post, wrote on the newspaper’s website that he had contacted three sources who were listed in the data dump and the sources verified the information was accurate.

“It is an illegal action against the individual members of AshleyMadison.com, as well as any freethinking people who choose to engage in fully lawful online activities. The criminal, or criminals, involved in this act have appointed themselves as the moral judge, juror, and executioner, seeing fit to impose a personal notion of virtue on all of society,” officials from Ashley Madison’s parent company Avid Life Media wrote in a statement.

“We will not sit idly by and allow these thieves to force their personal ideology on citizens around the world. We are continuing to fully cooperate with law enforcement to seek to hold the guilty parties accountable to the strictest measures of the law,” the statement continued.

Largest Joint Chinese-Russian Military Exercise Begins This Week

State run media in both Russia and China are reporting that the largest naval exercise between the two nations will begin this week in the Pacific.

The operation, called Joint Sea 2015 II, will begin Thursday and run through August 28th in the Sea of Japan and off the coast of the Russian city of Vladivostok.  More than 20 naval vessels from the two nations will conduct “joint amphibious assault” drills.

The exercise will also include various air units including fixed-wing aircraft and helicopters.

“A source close to the operation said navies of the two countries will join forces to simulate anti-submarine combat and air defense and other relevant missions. A joint beach landing of troops is also planned,” read a report in the Chinese state-controlled Xinhua news service.

“The source said the drills ‘are not targeted at any third party and are not relevant to regional status-quo’.”

The state run news outlets called the event part of “an annual exchange program between Chinese and Russian militaries.”

The exercise is the first time the Chinese navy will conduct joint exercises in the Sea of Japan, bordering North and South Korea, Russia and Japan.

In November 2014, Russian Defense Minister Sergei Shoigu admitted the exercises are in response to the United States.

“We believe that the main goal of pooling our effort is to shape a collective regional security system,” Shoigu said in November.  “We also expressed concern over U.S. attempts to strengthen its military and political clout in the [Asia-Pacific Region].”