Updated throughout the day.
August 25
U.S. markets dropped sharply right before the close after bouncing back up most of Tuesday. The Dow closed down 1.3% after gaining more than 2% in the morning. The S&P 500 dropped 1.4% at the close after climbing 2.3% by noon, and the Nasdaq fell 0.4% after gaining 3.29% in the morning. The Stoxx 600 gained 4.2% for the day. Oil steadied a bit, with U.S. crude closing at $39.09 a barrel. Bill Gross isn’t having a good week. Gross’s mutual bond fund at Janus Capital Group was hit with a 2.87% net asset loss Monday in the wake of the market rout. In contrast, BlackRock’s similar fund fell only 0.2% Monday.
Here is what else you need to know:
BlackRock says the “window is closing” for a rate hike. BlackRock CIO of fundamental fixed income Rick Rieder hopes the Fed will raise rates in September, but knows volatility is making that move harder. If the Fed passes on September, he doesn’t think they’ll raise rates in 2015 at all. CNBC
The Donald is at it again. Trump is back to bashing Fox News host Megyn Kelly, this time calling her a “bimbo.” Fox News head Roger Ailes is demanding an apology for Kelly, calling her a quality journalist. And so the name calling continues. NBC
Singapore sets election date. Singapore dismissed its parliament Tuesday until its general election, scheduled for September 11. The People’s Action Party has been slowly slipping in its hold of parliamentary seats since leading the nation after its independence 50 years ago. Wall Street Journal
White House trespasser killed at courthouse. Curtis Smith was shot and killed in a Pennsylvania courthouse Tuesday after cutting a sheriff’s deputy with a knife. Smith had a prior criminal record, including an arrest for climbing the wall outside the White House in March. Reuters
Spain and Morocco arrest 14 suspected ISIS recruiters. The countries teamed up to arrest the suspected terrorists across the two continents. A Spanish counter-terrorism source says about 800 radical Muslims are in Europe after being in Syria and Iraq. The arrests come after the terrorism scare in France. BBC
Stephen Hawking has another black hole theory. The 73-year-old physicist announced new thoughts about how information can escape a black hole. Hawking’s previous black hole theories left questions about the status of information as it can never be lost, even in a black hole, according to quantum mechanics. Wall Street Journal
Oil prices rebound. After getting absolutely hammered the past couple of weeks, oil prices have finally staged a comeback with WTI crude climbing 77 cents to $39.02, while Brent soared 74 cents to $43.43 a barrel. The fundamental factors behind its drop however, remain fully in place. Financial Times
Hillary must be livid. President Obama has reportedly given his Veep Joe Biden a “blessing” on a presidential run. The pair had lunch at the White House Monday. CNN
You won’t believe this:
Worst vacation ever. A 12-year-old Taiwanese boy tripped while visiting a Taipei museum, punching a fist-sized hole into a $1.5 million painting. The painting was a 17th century piece by Italian Baroque artist Paolo Porpora called “Flowers.” Luckily for this kid, repairs will be paid for by insurance. CNN
Peyton Manning doesn’t have feeling in his fingertips. The star professional quarterback hasn’t been able to feel since a series of neck surgeries in 2011. He may not be perfect, but throwing spirals without feeling is pretty impressive. Manning finished 2014 with 4,727 yards and 39 touchdowns against 15 interceptions. Bleacher Report
Saudi women can register to vote. For the first time ever, women in Saudi Arabia have been given the right to vote and run for office. A small number of women have registered to vote in municipal elections to take place in December. BuzzFeed
Photo: katrien berckmoes