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FDA announces rules that could upend e-cigarette industry

WASHINGTON (AP) — The federal government on Thursday announced sweeping new regulations for electronic cigarettes that could upend the multibillion-dollar industry and for the first time require e-cigarette makers to submit their products for a safety review.

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US Stock Market sees huge drop

NEW YORK (AP) — Growing concerns about a slowdown in China shook markets around the world on Friday, driving the U.S. stock market to its biggest drop in nearly four years.

The rout started in Asia and quickly spread to Europe, battering major markets in Germany and France. 

In the U.S., the selling started early and never let up. Investors ditched beaten-down oil companies, as well as Netflix, Apple and other technology darlings. Oil plunged below $40 for the first time since the financial crisis, and government bonds rallied as investors raced into hiding spots.

"Investors are wondering if growth isn't coming from the U.S. or China, where is it going to come from?" said Tim Courtney, CIO of Exencial Wealth Advisors. "This is about growth."

By the time it was over, the Standard and Poor's 500 index had lost 5.8 percent for the week, its worst weekly slump since 2011. That leaves the main benchmark for U.S. investments 7.7 percent below its all-time high -- within shooting range of what traders call a "correction," a 10 percent drop from a peak.

Markets began falling last week after China announced a surprise devaluation of its currency, the yuan. Investors have interpreted China's move as a sign that flagging growth in world's second-largest economy could be worse than government reports suggest. On Friday, they got more bad news: A private survey showed another drop in manufacturing on the mainland.

The Standard & Poor's 500 index dropped 64.84 points, or 3.2 percent, to close at 1,970.89.

The Dow Jones industrial average fell 530.94 points, or 3.1 percent, to 16,459.75. That's 10 percent off its high, a correction.

The Nasdaq slid 171.45 points, or 3.5 percent, to 4,706.04.

" Concerns about slowing growth in China are certainly valid," said Jeremy Zirin, head of investment strategy at UBS Wealth Management. "But there doesn't seem to be any signal that the weakness abroad is slipping into the U.S. economy."

Investors pointed to other reasons behind the recent sell-off, such as falling prices for oil and other commodities as well as the relatively high prices investors pay for U.S. stocks compared with corporate earnings.

"All of this is coming at a time when we haven't had a correction" in many years, Zirin said. The last correction occurred in October 2011.

Roberto Perli, head of global monetary policy research at Cornerstone Macro, said the market's recent slump likely means the Federal Reserve won't raise its benchmark interest rate at its September meeting. Fed officials gathering next month will have to weigh the global pressures against evidence of a solid U.S. job market and improving U.S. economic growth.

"They have the luxury of being able to wait and see what happens," Perli said. "But if the meeting was tomorrow, it's probably fair to say that they wouldn't tighten given all the turmoil in the global markets."

For all the markets' jitters, many economists say they remain confident that the U.S. economy is resilient enough to withstand a slowdown in the developing world. And Europe's economy appears to be emerging from its long slump.

Congress: Lesser federal role sought in public schools

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WASHINGTON (AP) — No one thinks it'll be easy, but the House and Senate are embarking on negotiations to merge two differing education bills that would rewrite the nation's much-criticized No Child Left Behind education law.

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Kitten returned home after 2,300-mile trip

WESTBROOK, Maine (AP) — A New Mexico woman's missing kitten has been located in Maine, although exactly how the feline made the 2,300-mile trip remains a mystery.

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'Modern Family,' Brian Cranston aim at Emmy record

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LOS ANGELES (AP) — Like baseball, the Emmy Awards are a game of statistics: Long-running shows are able to pile up TV's top awards and new records year after year.

The 66th prime-time Emmys, airing at 8 p.m. EDT Monday on NBC with host Seth Meyers, are full of such possibilities, including a fifth best comedy series trophy for "Modern Family" that would tie it with all-time sitcom champ "Frasier."

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