Photo: Justin Sullivan via Getty Images

The Southern District of New York announced Wednesday that it has reached a non-prosecution agreement with American Media Inc., the National Enquirer's parent company.

The big picture: As part of the agreement, AMI admitted to making a $150,000 payment "in concert with" then-candidate Trump's presidential campaign to suppress a story about an alleged affair Trump had with former Playboy model Karen McDougal. The revelation that AMI is cooperating with investigators comes on the same day Trump's personal attorney Michael Cohen was sentenced to three years in prison on charges that include campaign finance violations. AMI's CEO David Pecker was granted immunity in the case in August.

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Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

Zeta, now a Category 2 Hurricane, closes in on Louisiana coast

The probable path of Zeta, per the National Hurricane Center. Photo: NHC/NOAA

Zeta strengthened on Wednesday afternoon, on track to make landfall along the southeastern coast of Louisiana by the afternoon as a "significant" Category 2 hurricane, per the National Hurricane Center.

The state of play: Zeta is producing 100-mph maximum sustained winds and stronger gusts. The storm is gaining strength as it heads northeastward at 20 mph. Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Emergency Declaration in a letter to President Trump on Tuesday.