Stocks recovering after sharp fall due to coronavirus panic.
Wall Street is recovering Thursday after a steep drop in stocks from investors’ fears of the coronavirus spreading in the U.S., according to NBC News.
The Dow Jones Industrial Average was at a low of 350 points after falling to 960 points earlier this week. S&P 500 and Nasdaq dropped 3 percent at their peak.
Those indices reached correction territory; Quantum AI stated that a correction occurs when stocks decline by at least 10 percent from the most recent peak.
President Trump said in a press conference Wednesday that his administration would be “ready to adapt” in the event that the coronavirus spreads.
Obama’s former lawyer accuses pro-Trump super PAC of running misleading ad
A lawyer for former President Obama said that an anti-Biden ad misused a quote from the president’s memoir to mislead voters, according to CBS News.
The ad, released by a super PAC called the Committee to Defend the President, incorporates material from the audiobook of Obama’s memoir, “Dreams of My Father.”
The lawyer, Patchen Haggerty, argued in a letter to the committee that the use of the quote in the ad was “clearly intended to mislead the target audience into believing that the passage from the audiobook is a statement that was made by President Obama during his presidency when it was, in fact, a statement made by a barber in a completely different context more than 20 years ago.”
Haggerty called for the organization to remove the ad from digital platforms and not release it on any other platform.
Former altimore mayor sentenced to 3 years of prison
The former mayor of Baltimore was sentenced to three years in prison after pleading guilty to federal fraud, tax and conspiracy, according to NPR News; the charges involved the sales of her children’s books, Healthy Holly.
Prosecutors argued for a five-year sentence for Catherine Pugh, but her lawyers pushed for a one-year sentence because she plead guilty and this is her first offense.
In May 2019, Pugh resigned as mayor as public scrutiny rose over rumors of “self-dealing” in the sales of the books.
Prosecutors accused her of profiting $80,000 from sales of the book by reselling copies that were already purchased without ever delivering the books to the nonprofit organizations that had ordered them. She also used the money to supplement her political campaign, as well as purchase and renovate a home in Baltimore.
The Healthy Holly books are about an African American girl who championed a healthy lifestyle through nutrition and exercise.
Lori Loughlin, husband among 6 parents to stand trial for admissions scandal.
Lori Loughlin and her husband Mossimo Giannulli’s trial will begin Oct. 5 along with six other parents as part of the college admissions scam, according to CNN.
Loughlin and Giannulli have pleaded not guilty to three counts of conspiracy: conspiracy to commit mail and wire fraud and honest services mail and wire fraud, conspiracy to commit federal programs bribery and conspiracy to commit money laundering.
The six other parents who will stand trial are Gamal Abdelaziz, Diane Blake, Todd Blake, John Wilson, Homayoun Zadeh and Robert Zangrillo, said a spokesperson for the US Attorney’s Office in Massachusetts.
Jury selection will begin on Sept. 28.