Feb 7, 2018

Wynn resigns from his company after sexual assault claims

Wynn shows off the plans for a planned casino in Everett in March 2016. Photo: Jessica Rinaldi / The Boston Globe via Getty Images

Casino mogul Steve Wynn is stepping down as CEO of Wynn Resorts, CNBC reports.

The backdrop: Wynn has been accused of a pattern of sexual assault and harassment. He resigned last month as finance chairman of the Republican National Committee.

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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.