What Happened In The Stock Market Yesterday
Stocks sell off.
It is an inevitable, even healthy feature of stock markets. Yesterday, the previously high-flying NASDAQ led the market lower, falling by 4%. The primary reasons given for yesterdays move included global stock market weakness, especially in China, and fears over rising interest rates.
If anything, days like yesterday underscore the importance of diversification. While Information Technology stocks account for much of the gains this year, they sold off more than defensive sectors, such as Consumer Staples. Small-cap stocks also held up better than Large-caps. Rotations in and out of certain types of stocks happen and happen quickly. This is a good reminder why we stay invested across all economic sectors even when a sector struggles relative to the others.
The macro story is still largely positive and, while the economy is not the stock market, strong economic activity is the long-term driver of corporate earnings and thus prices. Globally, 93% of countries have growing economies and U.S. companies, despite positive year-to-date returns, are cheaper now than they were at the start of the year as earnings growth has outpaced growth in stock prices. The fundamentals remain strong.
Yes, stocks sold off yesterday and, yes, they could continue selling off. Or they could continue setting all-time highs.
In Seconds A Norman Rockwell Holiday Scene Turned Deadly
WAUKESHA, Wis. A close-knit community that had been gearing up for the holidays found itself in mourning on Monday night as residents gathered in a candlelit park a block from where a Milwaukee man drove through a crowded Christmas parade, killing five and injuring scores of others.
Christmas songs gave way to sirens and screams on Sunday afternoon as the driver of an S.U.V. broke through barricades, ignoring the warnings of officers, and raced along the parade route. The driver, identified by the authorities as Darrell E. Brooks, 39, who had a long history of arrests, had left the scene of a domestic disturbance involving a knife moments before the incident, police said. He faces five counts of intentional homicide.
What the mayor described as a Norman Rockwell type of Christmas parade in suburban Milwaukee became all at once a mass-casualty incident, with firefighters who were watching the parade with their families suddenly tending to the wounded on the street.
Id liken it to a war zone, said Steve Howard, chief of the Waukesha Fire Department, his voice choked with emotion as he recounted the chaotic scene on Main Street. Some of our first responders were there with their families they left their families to treat people.
A child as young as 3 was among those hospitalized. The dead included Wilhelm Hospel, who was 81.
Tonight is the first night to healing our community, said Shawn Reilly, the towns mayor.
Ghislaine Maxwell Sued Epsteins Estate For Legal Fees
Ghislaine Maxwell, a former girlfriend and longtime associate of Jeffrey Epstein, accused him and his estate in a March 2020 lawsuit of not following through on promises to pay her legal fees. The lawsuit, which was filed in the Superior Court in the U.S. Virgin Islands, appears to have been at a standstill since August 2020.
Ms. Maxwell argued in the lawsuit that Mr. Epstein promised to support her financially numerous times, including in writing and in conversation. She also argued that Darren Indyke, a longtime lawyer for Mr. Epstein and the executor of Mr. Epsteins estate, also said the estate would pay her legal fees.
But her legal fees mounted as numerous women accused her of having helped Mr. Epstein recruit young women for sex trafficking. Those fees were not paid, she argued, and a letter she sent to the estate in November 2019 had been ignored.
It remained unclear who was footing the bill for Ms. Maxwells defense as opening arguments were expected to start on Monday in her sex-trafficking trial in Manhattan federal court.
Mr. Indyke and Richard D. Kahn, another executor of the state, responded in May 2020 by asking the court to dismiss the case. They pointed to a U.S. Virgin Islands law that prevented Ms. Maxwell from filing a complaint against the estate until September 2020. They called her lawsuit premature. Ms. Maxwell agreed shortly afterward to halt proceedings until September 2020.
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Securing Parade Routes Is Challenging Even For The Countrys Largest Police Department
The tragedy at a parade in Waukesha came less than a week from one of the countrys best known events: the Macys Thanksgiving Day Parade in New York City.
Concern about intentional attacks on the parade have long driven law enforcement efforts to secure the route. And New York has seen vehicle ramming turn deadly at other crowded events in recent years.
In 2017, a driver who was apparently under the influence of drugs rammed into crowded sidewalks in Times Square, killing one and injuring more than 20 people before security barricades stopped him. And, later that same year, a 29-year-old man rammed his pickup truck into pedestrian traffic along the busy West Side Highway, killing eight and injuring 11.
More recently, in September 2020, a vehicle rammed through a crowd of demonstrators who were protesting police brutality in Times Square.
But the scale of the Thanksgiving parade in New York is so large that it is difficult to draw comparisons, a law enforcement official said. The parade for years has been seen as a high-value target for extremist and terror groups.
You cant really take an incident that occurs at a holiday parade in a relatively small city and compare it to what we do in New York City for that event, said John Miller, the deputy commissioner for the Police Departments Intelligence Bureau.
We dont worry. We plan, Mr. Miller said. Its a better use of our time.
The Meteorology Behind The Deluge
The remnants of tropical cyclones that travel inland over the central and eastern United States are sometimes marked by deadly second acts that can unfold days and hundreds of miles beyond coastal landfall. Often this is because extreme tropical moisture interacts with preexisting weather systems in the mid-latitudes. These elements include fronts, while jet stream disturbances add additional energy and provide a source of invigorated uplift to tropical remnants.
These interactions have led to several historic flood disasters in the Mid-Atlantic and southern New England , including from storms named Camille , Agnes , Eloise , Gaston and Lee .
Extremely heavy rains cascaded down on New York City and surrounding regions for an extended period as the remnant circulation of Ida approached from the southwest. Meteorologists knew several days in advance of an increased threat for heavy rain and life-threatening flooding as Idas remnants began to interact with a potent set of atmospheric conditions in the Mid-Atlantic.
The National Weather Service issued flash-flood watches for the region 48 hours in advance and predicted general, widespread rains of three to five inches, with locally higher amounts. A rare high risk warning, for the most serious flood potential, was declared by the Weather Service a day in advance, as shown below.
The Weather Service strongly messaged the flooding potential, calling it life-threatening.
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The Intensity Of Rain From The Remnants Of Hurricane Ida Converged With Urban Sprawl Previous Downpours And Climate Change For A Flash
The remnants of Hurricane Ida unloaded a historic and catastrophic deluge on New York City and the surrounding region Wednesday and has been linked to at least 41 deaths in New York, New Jersey, Pennsylvania and Connecticut.
The death toll from the storm in the Northeast, more than a thousand miles from where it made landfall in southeastern Louisiana, may seem surprising. Four main factors contributed to this disaster:
Before we visit the meteorology of this event, its worth summarizing the amount of rain it generated, which was exceptional and, in several instances, record-breaking:
Rainfall this extreme is expected to occur only once over a 200-to-500-year period. So how did it happen?
Security Guard Hired To Keep Squatters Away From Abandoned Nyc Mansion
A homeless man busted squatting inside an empty a pricey Manhattan townhouse Friday returned Saturday morning prompting property managers to hire a security guard, The Post has learned.
An NYPD detective was injured after chasing down a shoplifting suspect in Times Square, law-enforcement sources said.
New York City’s COVID-19 positivity rate remained below 3 percent Saturday as cases continued to surge upstate.
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Rihannas Assistant Captured Their Experience On Instagram
On Sunday, April 4, Rihanna went incognito protesting against AAPI hate in New York City. Rihannas assistant, Tina Truong, captured their experience, from making posters together to mingling with fellow protesters on Instagram. This is what solidarity looks like! #stopaapihate#stopasianhate#callitahatecrime, Truong captioned a photo dump, including a video of Rihanna dancing in the street during the protest holding a Stop Asian Hate sign. Truong also posted a photo on her Instagram Story of Rihanna bent over a large, bright-green poster board, writing bold, capital letters, Hate = racism against God!
In case youre wondering how Rihanna was able to slip by undetected, were guessing it had a lot to do with her lowkey outfit: a gray sweater, a leather bomber jacket, leather pants, a black face mask, black sunglasses, and a baseball cap. Truong later posted a video to her Story showing a protestor asking Rihanna to put her Instagram handle into the protestors phone. Thats you? the protester asked after Rihanna pulled up her account, which has nearly 94 million followers. Truong wrote over the video, When Rih gives you her IG handle but you think she trolling.
We love a bad gal with a good heart.
Vigil Held In Waukesha To Mourn Victims
Community members prayed and held a candlelight vigil a block from where several people were killed during a parade in Wisconsin on Sunday. At the end of the vigil, organizers read the names of those who lost their lives.
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Tonight, I am heartbroken that so many in our community experienced such horrible trauma. Tonight is the beginning of many nights where we will grieve and mourn for those we lost. We are parents. We are neighbors. We are hurting. We are angry. We are sad. We are confused. We are thankful we are all in this together. We are Waukesha strong. Now, we will read the names of the five beautiful souls that were lost yesterday. And then after the reading of those five names, we would invite you to lift up those that you would want to name who are in need of prayer this day. And so we remember. Wilhelm Hospel. Virginia Sorenson. LeAnna Owen. Tamara Durand. Jane Kulich.
Mourners gathered on Monday night in Waukesha, Wis., braving freezing temperatures to remember the dozens of victims from a parade that turned deadly after a man drove his vehicle through the crowd.
They held candles as police cars shined their headlights in Cutler Park, about a block from where police said the suspect injuried dozens on Sunday.
Tonight is the first night for healing our community, and we take a small step to lift up those in need, said Shawn Reilly, the towns mayor, who was participating in the parade at the time of the attack.
Brandon Dupré
transcript
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No The Results Didnt Surprise The Left And No They Dont Support Your Arguments About Elections Everywhere Else
Savvy guys like Matt Yglesias, the newsletter writer and former Vox and Slate blogger, sometimes critique bad political punditry by pointing out that it often boils down to saying things like, If politician wants to win, they should adopt all of my preferred policies. Its a fair point: A lot of bad electoral analysis from across the political spectrum does follow that pattern.
But of course, even savvy guys sometimes make related fallacious arguments, like, Candidate pulled off this victory because they adopted the messaging strategy I currently deem the savviest. Or even, This specific, overdetermined local election result exposes a fatal flaw in the strategy of the left/progressives/Democrats.
This is where the election stands: With early results of the in-person vote in, thousands of absentee votes yet to be opened, and multiple rounds of ranked-choice votes to count, Adamsa former New York state senator and police officer who is now Brooklyn borough presidentis leading the race for the Democratic nomination for mayor of New York, with around 31 percent of the vote, compared to 22 percent for Wiley, the candidate from the aforementioned progressive nonprofit world. This is the result that so many people, Tuesday night and through all of Wednesday, decided to hang entire takes on, arguing to audiences of people who already agree with them that anyone who disagrees should step out of their narrow ideological echo chambers.
The First Witness In Ghislaine Maxwells Trial Is One Of Epsteins Pilots
Prosecutors in Ghislaine Maxwells trial called their first witness late Monday afternoon: Larry Visoski, one of Jeffrey Epsteins longtime pilots.
Mr. Visoski described, in broad strokes, the role Ms. Maxwell played in managing Mr. Epsteins household and properties, describing their relationship as couple-ish. Guided by photographs presented as evidence, Mr. Visoski also described Mr. Epsteins residences.
The government often uses the first witness to set the stage for the evidence and testimony to come. Mr. Visoski, who worked for Mr. Epstein from 1991 to 2019, is in a position to explain to the jury where Mr. Epsteins homes were, how the financiers travel was arranged, and to introduce evidence about who flew with him.
Mr. Visoski said he flew Mr. Epstein regularly pretty much every four days we were on the road flying somewhere. He mostly flew Mr. Epstein between his palatial homes in New York City, Paris, the U.S. Virgin Islands, Palm Beach, Fla., and Santa Fe, N.M.
The advantages of private air travel, Mr. Visoski said, were that you can leave when you want, and the security is much less. Mr. Visoski said he did not always know precisely who was flying on Mr. Epsteins planes with him.
Mr. Visoski testified for about half an hour before the jury was dismissed for the day. He is expected to return Tuesday morning to continue his testimony.
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Another Defense Strategy Will Be To Shift Blame To Mr Epstein
Ms. Sternheim painted Ms. Maxwell as a scapegoat who is on trial only because Mr. Epstein had killed himself in a federal jail. That suicide, she told jurors, left a gaping hole in the pursuit of justice for many people. Ms. Maxwell is filling that hole, Ms. Sternheim added. Filling that empty chair.
Ever since Eve was accused of tempting Adam with the apple, she said, women have been blamed for the bad behavior of men.
Five Dead In Wisconsin After Driver Plows Suv Into Holiday Parade
Officials said dozens of people were struck after the vehicle sped down the street during the Christmas parade in Waukesha, Wis., near Milwaukee.
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The Jury Will Hear The Story Of Jane Who Was 14 When She Met Mr Epstein
In describing how evidence would show that Ms. Maxwell helped Mr. Epstein traffic and sexually abuse teenage girls, a prosecutor sketched out the story of one accuser referred to only by a first name, Jane.
That was the beginning of a nightmare that would last for years, Ms. Pomerantz said. She said that Ms. Maxwell helped win Janes trust with shopping trips and helped normalize abusive sexual conduct at the hands of Mr. Epstein.
The jury would hear directly from Jane and from three other women who had similar experiences as teenage girls, the prosecutor said.
The Defense Will Try To Show That The Four Accusers Memories Are Unreliable
A few minutes later, however, a defense lawyer, Bobbi C. Sternheim, told jurors that recollections from witnesses like Jane, who are expected to testify under oath about Mr. Epsteins abuse, were not to be trusted.
She suggested the accusers had unreliable and suspect memories that could have been corrupted over the years or contaminated by constant media reports. She also suggested the accusers were motivated by a desire to win a big jackpot of money from a possible civil action against Mr. Epsteins estate.
Each accusers story is thin, she told jurors. They have been impacted by lawyers, by media, by things they have read and things they have heard and by money, big bucks.
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Firing At Moving Vehicles Is A Contentious Practice Across The Country
A police officer in Waukesha, Wis., fired shots at the S.U.V. that barreled into a parade on Sunday, but had to stop because of the crowds nearby, Dan Thompson, chief of the Waukesha Police Department, said on Monday. No one was hit by gunfire, he said.
Police departments generally allow officers to shoot at drivers in moving vehicles who have already run someone over.
But shooting at moving vehicles is a contentious practice for police officers. It endangers passengers and passers-by. It often doesnt effectively stop the threat if the driver is injured or killed, the vehicle keeps moving.
On top of that, police academies dont give training in how to shoot at moving vehicles. Large departments ban the practice except for carve-outs set up in recent years for terrorist attacks like the one in which a truck killed dozens of people during a Bastille Day parade in 2016 in Nice, France.
After that attack, the New York Police Department, which banned shooting at moving vehicles in 1972, told officers that they could shoot at moving vehicles during similar vehicle ramming attacks.
This was a new form of terrorism, at least in the United States, said Chuck Wexler, the executive director of the Police Executive Research Forum, a law enforcement policy nonprofit. And police had to rethink in those very specific situations, how do you stop someone from killing people?