Oct 31, 2018

Oprah to campaign for Stacey Abrams in Georgia

Oprah Winfrey. Photo: Kevin Mazur/Getty Images for Robin Hood

Media mogul Oprah Winfrey will hit the campaign trail in Georgia on Thursday to help usher in votes for Democratic gubernatorial candidate Stacey Abrams, as she seeks to become the country's first black female governor in one of the most highly contested midterm races.

The big picture: In the closing days of early voting and just five days prior to Election Day, Abrams and her Republican opponent Secretary of State Brian Kemp, have both been bringing in heavy-hitters to boost their chances of winning. Former President Barack Obama will hold a rally for Abrams on Friday in Atlanta, weeks after former Vice President Joe Biden campaigned for her. Meanwhile, President Trump and Vice President Mike Pence plan to visit the state to support Kemp. The Cook Political Report rates the virtual tie race as a "toss up."

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Wall Street notches worst week for stocks since 2008

Traders work on the floor of the New York Stock Exchange. Photo: Scott Heins/Getty Images

Stocks closed down about 1% on Friday, ending the worst week for Wall Street since the financial crisis.

Why it matters: The stretch of declines came after a spike in coronavirus cases around the world earlier this week. The steep losses prompted questions about the fate of the record-long economic expansion, as well as a rare statement from the Federal Reserve.

Go deeper: The growing coronavirus recession threat

Federal Reserve: Coronavirus poses "evolving risk" to the economy

Federal Reserve chairman Jerome Powell. Photo: Sarah Silbiger/Getty Images

Federal Reserve chairman Jerome Powell took the rare move Friday of issuing a statement meant to reassure investors, one that opened the door to a possible interest rate cut.

Why it matters: The Fed rarely issues statements like this outside of policy meetings and scheduled public appearances. It came as the stock market continues its steep decline this week. Stocks briefly pared some losses after the 2:30 p.m. EST statement came out.