Dow plunges 1,000 points, sinks into correction

The Dow sunk more than 1,000 on Thursday for the second time in a week. CNNMoney's Richard Quest explains why market turmoil is far from over.

Posted: Feb 9, 2018 2:22 PM
Updated: Feb 9, 2018 2:22 PM

It's not too late to put together that romantic Valentine's Day trip. Here are 12 lavish options. And here's what else you need to know to to Get Up to Speed and Out the Door. (You can also get "5 Things You Need to Know Today" delivered to your inbox daily. Sign up here.)

1. Government shutdown

While you were sleeping, the federal government shut down again -- but it's on its way back. Let us explain. Everyone thought the $300 billion budget deal announced this week had solved the looming shutdown problem. But then Sen. Rand Paul stood up and complained about all that massive spending. And he talked for so long that he prevented the deal from passing by Thursday's midnight deadline, triggering the shutdown (the second one in less than a month). But then, the Senate quickly OK'd the plan, and the House approved it at about 5:30 ET this morning. So, this quickie little shutdown will be over as soon as President Trump signs the bill.

2. White House

The White House is in full-blown damage-control mode as it deals with the scandal surrounding ex-staffer Rob Porter. Chief of staff John Kelly sent out a memo last night to White House staffers, saying that "we all take matters of domestic violence seriously." But a lot of people are questioning if that's really true because Kelly reportedly knew for months about the domestic violence allegations made against Porter by his two ex-wives, yet kept him around anyway. Is Kelly's job on the line? Not likely, sources tell CNN, because the White House doesn't exactly have a list of replacements handy right now.

3. South Korea

The good Olympic vibes on the Korean Peninsula may yield a new breakthrough in relations between the North and South. There's reportedly a "good chance" Kim Yo Jong, the sister of North Korean leader Kim Jong Un, will invite South Korean President Moon Jae-in to visit the North. The invitation could come at a welcome luncheon on Saturday. And Moon could make the trip to the North "sometime this year." If it happens, it would be the first time a South Korean President stepped foot in North Korea in a decade.

4. Syria

What a terribly violent week it's been in Syria. It's estimated more than 200 civilians have been killed since Monday because of Syrian airstrikes (backed by Russia) on Eastern Ghouta, a rebel-held area near Damascus. The airstrikes ramped up after a Russian plane was shot down over the weekend near Idlib. Activists say conditions in Eastern Ghouta, which has been surrounded by Syrian forces for more than four years, are rapidly deteriorating for the hundreds of thousands of people trapped there, who struggle with food and medicine shortages.

5. Immigration

The Trump administration is looking at new rules that would make it harder for immigrants to get into the US or get green cards if they use certain public benefits, like Medicaid or Head Start. The plan, contained in a draft obtained by CNN, could lead to substantially higher numbers of immigrants being blocked from staying in America. A Homeland Security spokesman wouldn't confirm the plan, saying only that the administration is concerned about saving taxpayer dollars. The proposal would still need to go through a formal comment period before it could be implemented.

WINTER OLYMPICS

OPENING CEREMONY: About 35,000 fans will fill the Olympic stadium as the torch is lit this morning on the 23rd Winter Olympics in Pyeongchang, South Korea. The moment everyone's waiting for will be the entrance of the North and South Korean teams, marching under the Korean Unification Flag.

SPORTING ACTION: No gold medals can be won today, but American Nathan Chen, a favorite to claim gold in the men's individual figure skating competition, takes to the ice. There's also the opening round of mixed doubles curling and the qualification rounds of the men's and women's moguls in freestyle skiing.

NUMBER OF THE DAY

1,033

That's how many points the Dow dropped yesterday, the second-worst point drop in history (see: Monday). The stock market is officially in correction territory now, off 10% from its record high just two weeks ago.

BREAKFAST BROWSE

People are talking about these. Read up. Join in.

Not quite 'Armageddon'

An asteroid will fly really close to Earth today -- about 39,000 miles away -- but we won't need Bruce Willis to nuke it, like in the movies.

Games people play

Some of the more obscure Winter Olympic sports get underway today. Be an expert in them in less than five minutes. Guaranteed!

What a deal

The San Francisco 49ers just signed Jimmy Garoppolo to the biggest deal in NFL history, and the rest of the league's QBs are on the phone with their agents.

Ginger time

We're getting new emojis this year, including a partying face and a "cold" face, but the buzz is all about the one for redheads.

WHAT'S FOR LUNCH

The podcast we're listening to next ...

"Patty Has a Gun: The Life and Crimes of Patricia Hearst." It's one of America's most bizarre crimes, and CNN's Brian Stelter and Jeffrey Toobin are revisiting the case's epic details. For more on the saga, don't miss CNN's docuseries, "The Radical Story of Patty Hearst," premiering Sunday at 9 p.m. ET.

QUOTE OF THE DAY

'These men think they are untouchable, but times are changing.'

Model Kate Upton, opening up about her harassment allegations against Guess co-founder Paul Marciano

QUIZ TIME

Actor John Mahoney, who died this week at 77, was best known for his role in what show?

A. "That '70s Show"

B. "Frasier"

C. "I Love Lucy"

D. "The Twilight Zone"

Play Total Recall: The CNN news quiz to see if you're right.

AND FINALLY

The walking LEGOs

LEGOs and zombies? Sounds like a perfect way to kick off the weekend. (Click to view.)

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 51612

Reported Deaths: 2760
CountyConfirmedDeaths
Marion12074693
Lake5650249
Elkhart361860
Allen2952134
St. Joseph214869
Hamilton1708101
Cass16459
Hendricks1466100
Johnson1345118
Porter84038
Tippecanoe7799
Vanderburgh7686
Clark71144
Madison67864
LaPorte62328
Howard60758
Bartholomew60145
Kosciusko5824
Marshall5579
Noble52028
Boone49144
LaGrange48610
Jackson4783
Delaware47552
Hancock46836
Shelby45925
Floyd41444
Monroe34828
Morgan34531
Grant32226
Dubois3096
Montgomery29820
Henry29618
Clinton2903
White27610
Dearborn26523
Warrick26129
Vigo2588
Decatur25632
Lawrence25225
Harrison21822
Greene19632
Miami1942
Jennings17912
Putnam1738
DeKalb1694
Scott1659
Wayne1586
Daviess15117
Perry14910
Steuben1382
Orange13723
Jasper1362
Ripley1347
Franklin1288
Gibson1242
Wabash1163
Carroll1142
Starke1083
Whitley1076
Fayette1067
Newton10110
Huntington942
Jefferson872
Wells821
Randolph804
Fulton731
Jay720
Knox710
Washington681
Pulaski661
Clay645
Rush623
Posey610
Spencer571
Owen521
Benton510
Sullivan501
Adams491
Brown431
Blackford402
Fountain362
Crawford330
Switzerland320
Tipton321
Parke270
Martin260
Ohio230
Vermillion200
Warren151
Union140
Pike120
Unassigned0193

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 65592

Reported Deaths: 3058
CountyConfirmedDeaths
Franklin12035447
Cuyahoga9208399
Hamilton6950208
Lucas3007306
Marion274839
Montgomery251336
Summit2351209
Pickaway222741
Mahoning1948239
Butler186347
Columbiana138560
Stark1225116
Lorain115269
Trumbull105378
Warren100926
Clark81610
Delaware72415
Fairfield69217
Lake60923
Tuscarawas60910
Medina58932
Licking58312
Belmont57024
Miami51031
Portage50260
Clermont4977
Wood49451
Ashtabula44844
Geauga42843
Richland3786
Wayne37355
Allen36641
Greene3469
Mercer30210
Erie28622
Holmes2615
Darke25926
Huron2472
Madison2229
Ottawa19324
Sandusky16915
Athens1671
Ross1483
Washington14620
Coshocton1424
Putnam14215
Crawford1415
Hardin12312
Morrow1211
Jefferson1152
Auglaize1114
Muskingum1041
Union1021
Preble911
Clinton892
Monroe8917
Hancock861
Lawrence860
Guernsey813
Hocking819
Williams762
Shelby754
Logan711
Scioto710
Carroll703
Ashland682
Fulton670
Brown631
Wyandot635
Champaign551
Fayette550
Knox551
Defiance543
Highland531
Van Wert491
Perry461
Seneca412
Henry350
Paulding320
Jackson300
Pike290
Adams261
Vinton232
Gallia211
Harrison141
Noble140
Meigs130
Morgan110
Unassigned00
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Angola
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Huntington
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Decatur
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Warmer Tuesday
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