.By Mary Clare Jalonick and Eric Tucker
Sen. Richard Burr, R-N.C., stepped aside as chairman of the Senate Intelligence Committee on Thursday after the FBI served a search warrant for his phone as part of an ongoing insider-trading investigation tied to the coronavirus pandemic.
Senate Majority Leader Mitch McConnell announced the move, saying he and Burr had agreed it was in the Senate's best interests.
FBI officials showed up at Burr's home with the warrant on Wednesday, marking a significant escalation into the Justice Department's investigation into whether Burr broke the law with a well-timed sale of stocks before the coronavirus caused markets to plummet,
The Justice Department declined to comment. His attorney did not respond to phone and email messages, but said last month that the law is clear that any senator can participate in stock market trading based on public information "as Sen. Burr did."
These are the headlines you Need 2 Know for Monday, March 2, 2020.
Democrat Pete Buttigieg is ending his campaign for president, the Associated Press is reporting.
Joe Biden scored a convincing victory in South Carolina’s Democratic primary on Saturday, riding a wave of African American support and ending progressive rival Bernie Sanders’ winning streak.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Stocks sank again after another wild day, extending a rout that left the market with its worst week since October 2008. Major indexes clawed back much of their intraday losses in the last 15 minutes. Bond prices soared as investors sought safety, pushing yields to record lows.
The World Health Organization raised its threat assessment Friday saying the global risk of the novel COVID-19 is now "very high," the director-general told reporters, even as the White House continues to downplay the potential impact of the coronavirus in the U.S.
Federal Reserve Chairman Jerome Powell pledged that the Fed will "use our tools" to support the economy, a strong signal of a likely rate cut, perhaps at its next meeting March 17-18.
The report from China Beige Book, an economic forecasting firm that surveyed more than 1,400 companies, shows an economy reeling from shutdowns and quarantines.
These are the headlines you Need 2 Know for Friday, February 28, 2020.
The Dow Jones Industrial Average sank nearly 1,200 points Thursday, deepening a weeklong global market rout caused by worries that the coronavirus outbreak will wreak havoc on the global economy.
